Google is expected to report strong third-quarter earnings on Tuesday, with analysts forecasting a 37% increase in earnings per share to $1.46 on revenue of $76 billion.
The company’s core digital ad revenue is expected to grow 8.6% to $59.1 billion, driven by continued recovery in the overall ad spending environment. YouTube advertising revenue is also expected to post a strong quarter, with analysts forecasting growth of 10.7% to $7.82 billion.
Google’s cloud computing business is also expected to continue to grow at a rapid pace, with analysts forecasting revenue growth of nearly 26% to $8.64 billion.
In addition to its financial performance, investors will also be focused on the company’s artificial intelligence initiatives, particularly its new large language model “Gemini.” Gemini is expected to compete with startup OpenAI’s GPT-4 and could have a significant impact on Google’s cloud computing business.
Five Key Things to Watch for in Google Cloud’s Q3 Earnings
Google Cloud is scheduled to report its third-quarter 2023 earnings on Tuesday, October 24th.
Investors will be closely watching the following five key areas:
- Profitability: Google Cloud has reported two consecutive quarters of profitability, but it is unclear if this trend will continue.
- New CFO: Google is currently searching for a new CFO, and it is possible that the company could announce the new CFO during Tuesday’s earnings report.
- Hiring and layoff strategy: Google has slowed the pace of hiring in 2023, and it is unclear how this will impact Google Cloud.
- Generative AI: Generative AI is a top priority for Google Cloud, and the company is expected to discuss its plans for this technology during the earnings call.
- Sales growth: Google Cloud is growing faster than AWS and Microsoft in terms of cloud sales, but it is unclear if this trend will continue.
Overall, investors will be looking for any signs that Google Cloud is continuing to gain momentum and execute its growth strategy.
Investors to Watch Google Cloud’s Profitability, Generative AI Plans, and Hiring Strategy
It is anticipated that Google will present robust earnings performance in the third quarter, with positive results expected across all its business segments. Google’s fundamental digital advertising sector is poised for ongoing recovery, while its cloud computing division is projected to maintain its rapid growth trajectory. Furthermore, the company’s recent AI ventures are anticipated to make significant progress during this period.
Investors will be particularly interested in Google Cloud’s profitability, its plans for generative AI, and its hiring and layoff strategy. If Google Cloud can continue to grow profitably and execute its AI strategy, it could be a major tailwind for the company’s stock price.
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