Bisina SomtoYouTube, has boosted its financial portfolio, raking in a staggering $7.95 billion in ad revenue for the third quarter of 2023. This figure marks a remarkable 12.5% year-over-year increase, outperforming market analysts’ earlier projections.
According to FactSet, experts had estimated YouTube’s advertising revenue for the quarter to amount to $7.81 billion.
Join our WhatsApp ChannelParent company Alphabet, Inc. has surpassed Wall Street’s predictions for the quarter as it reports a total revenue of $76.69 billion, reflecting an 11% increase, along with a net income of $19.69 billion ($1.55 per share) for the period ending on September 30.
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Google’s core digital advertising business played a pivotal role in this impressive performance. The consensus on Wall Street had anticipated revenue of $75.97 billion and earnings per share of $1.45, according to Refinitiv data.
Notably, Alphabet’s earnings reports solely highlight YouTube’s ad sales, excluding subscription revenue from YouTube TV, YouTube Premium, YouTube Music, and income from YouTube’s exclusive multi-billion-dollar agreement for the NFL Sunday Ticket out-of-market games package.
Over the past few years, YouTube has faced increasing competition from the immensely popular video entertainment app TikTok, prompting the platform to introduce a feature known as YouTube Shorts.
This has been a resounding success, with over 2 billion monthly logged-in users engaging with Shorts, and more than 70 billion YouTube Shorts being viewed daily.
Additionally, the company has recently revealed its plans to discontinue Google Podcasts in 2024, with a renewed focus on making YouTube Music the preferred destination for podcast creators and listeners.
Alphabet’s total workforce decreased by 2.4% year-over-year during the third quarter, with 182,381 employees on the roster. This reduction followed layoffs earlier in 2023.
Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.
She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.
As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.
Somto is dedicated to providing valuable information and entertainment to her audience while upholding the highest standards of journalistic integrity.
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