Alphabet (GOOG)'s net income and revenue climbed slightly above ana⛦lyst predictions as the company's ad revenue grew by more than 9%.

Alphabet's third-quarter net income was $19.7 billion, or $1.55 per share, up 46% from the prior-year quarter. Revenue came in at $76.7 billion, buoyed by growth in Google Search and YouTube advertising.

Despite the better-than-expected overall results, Alphabet shares fell in after-hours trading as revenue from Google Cloud, which rose to $8.41 billion during the third quarter, came in short of analysts' expectations.

Google has faced both business and mounting legal chalဣl🌃enges in recent months.

The advent of ChatGPT, the immensely popular large language model AI tool that rival Microsoft Corp. (MSFT) quickly integrated into its own Bing search tool and other products following a $10-billion investment early this year, brought about concerns that the long-dominant Google Search may see a dip in popularity.

In response, Alphabet has unveiled Google Bard, an in-progress AI tool that could help to revolutionize its own search and other tools. Advertiser concerns about the popularity of Google Search seem to have waned for the time being, though more remains to be seen as Google continues its efforts to fully integrate AI into its search product.

“I’m pleased with our financial results and our product momentum this quarter, with AI-driven innovations across Search, YouTube, Cloud, our Pixel devices and more," CEO Sundar Pichai said in a statement. "We’re continuing to focus on making AI more helpful for everyone; there’s exciting progress and lots more to come.”

Google Cloud also benefit𒁏s from the rush toward AI in recent months, as it has become a top choice for companies seeking to train AI tools. This influx of new business led to a third consecutive quarter of operating profitability for Cloud.

On the other hand, Google is still contending with the largest 澳洲幸运5开奖号码历史查询:antitrust trial in m🧸ore than 20 years. Government regulators allege that Alphabet engages in illegal monopolistic practices to ensure the dominance of its search engine.

The company reportedly pays up to $20 billion per year to Apple Inc. (AAPL) to be the default search choice on Apple devices, with additional payments to other tech companies for similar goals.

Alphabet Class C shares have risen by almost a third in the last year to close to $138 each. They are approaching an all-time🎉 high of roughly $150 per share from late 2021.