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Google earnings and revenue blow past Wall Street’s expectations

Alphabet’s stock is soaring in early trading on Thursday.

10/29/25 4:05PM

Google is still rising, up almost 8% in premarket trading as of 5:20 a.m. ET, after it posted fiscal third-quarter earnings that surpassed Wall Street’s expectations yesterday evening, helped by big growth in its Google Cloud business.

For the quarter, the search giant’s parent company, Alphabet, reported earnings per share of $2.87, compared with FactSet analyst estimates of $2.26. Alphabet posted $102.3 billion in revenue. Analysts were expecting revenue of $99.9 billion.

Google’s parent company boosted its full-year capital expenditure outlook to between $91 billion and $93 billion, compared with its previous roughly $85 billion level.

“Better ad targeting likely contributed to a further sequential increase in growth for core Search and YouTube ads to around 15% for each segment, while Gemini’s token usage of 7 billion per minute for its API business is around that of leading frontier models such as OpenAI,” Bloomberg Intelligence analysts Mandeep Singh and Robert Biggar wrote yesterday.

Let’s break down the results for Alphabet’s many divisions:

📺 YouTube’s Q3 ad revenue rose 15% to $10.3 billion.
☁️ Google Cloud revenue for Q3 was $15.2 billion, rising 34% year over year, driven by growth in its AI Infrastructure and Generative AI Solutions division. Analysts were expecting revenue of $14.7 billion and 29.5% year-on-year revenue growth. And this business ended the quarter with $155 billion in backlog.
🔎 Google’s Search business brought in $56.6 billion, up 14.5%.
💰 Google advertising revenue was $74.2 billion, a 12.6% increase year over year.

The company is expected to release Gemini 3 in December, a major update to its flagship AI model, and Bloomberg reported that Apple may be working to use Gemini to power an AI-enhanced Siri.

Alphabet must be breathing easy after a September decision by a federal judge to not break the company up as remedy to the federal antitrust case against it, which found that the company held a monopoly in search and online advertising. Other remedies are still under consideration by the court.

In the earnings release, CEO Sundar Pichai said Alphabet’s Gemini app now has more than 650 million monthly active users.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Google earnings and revenue blow past Wall Street’s expectations

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