“Alphabet”, Google's parent company, beat revenue and profit forecasts in the third quarter, helped by a 35 percent rise in its AI-powered cloud computing business and a jump in digital advertising revenue.
Alphabet shares, which closed up 1.8% on Tuesday, rose 4.4% in after-hours trading. The stock has risen about 22% this year, in line with the broader market.
CEO Sundar Pichai explained that investments in artificial intelligence are "paying off" through the use and sales of its research and cloud computing business.
