San Francisco - USA
San Francisco, Oct 29, 2024 (AFP) -Google's parent company Alphabet reported robust third-quarter results on Tuesday, with revenue climbing 15 percent year-over-year to $88.3 billion, powered by strong performance from its crucial advertising business and growth in cloud services.
The technology giant's net income surged 34 percent to $26.3 billion, while earnings per share increased 37 percent to $2.12.
Operating margins expanded significantly, rising 4.5 percentage points to 32 percent, reflecting improved cost efficiency at one of the world's biggest companies.
"Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools," said CEO Sundar Pichai, referring to the burgeoning field of artificial intelligence.
The results showed that Google is holding its own despite worry that the search engine juggernaut has been caught short in the AI race.
Google also faces increasing pressure as its world-dominating search engine competes for ads with a widening array of platforms, including Meta, Amazon, Apple, TikTok and even streamers such as Netflix.
But Emarketer senior analyst Evelyn Mitchell-Wolf said Google proved that its defense "is locked in, and it heads into the holiday season well-positioned to win ad budgets."
The company also satisfied questions about whether its search engine will withstand the growing popularity of generative AI chatbots like ChatGPT, which can answer many queries directly in lieu of an internet search.
In response to these pressures, Google earlier this month reshuffled its search engine business, replacing the division chief after a four-year tenure.
The company also moved its Gemini chatbot team to Google DeepMind, separating it from the search group.
Pichai said that Google Search's AI Overviews, which display a snapshot of information at the top of the results page, was proving a success and available to one billion users in more than 100 countries.
"We are definitely expanding what's possible in search and it's been really heartening to see users adapt," Pichai told analysts.
Google Cloud emerged as a standout performer in the June-to-September period, with revenue jumping 35 percent to $11.4 billion, driven by increased adoption of AI infrastructure and solutions.
That business, which trails market leaders Amazon and Microsoft, provides businesses with computing power, data storage and AI tools delivered over the internet.
The company's core Google Services segment, which includes Search, YouTube, and other advertising products, grew 13 percent to $76.5 billion.
YouTube hit a significant milestone, with total advertising and subscription revenues exceeding $50 billion over the past four quarters for the first time.
After the release, investors sent Google's share price higher by five percent in after-hours trading.
Despite the solid earnings, Google faces significant legal challenges, at least in the long-term.
In August, a federal judge found that Google's search engine was an illegal monopoly, with the US government suggesting a company breakup might be appropriate.
A separate antitrust lawsuit challenges its dominance of online advertising.
Additionally, Google has been ordered to open Android-powered smartphones to rival app shops following a case brought by Fortnite-maker Epic Games, though that decision has been suspended pending appeal.
While those legal battles are expected to take years to resolve, they have raised questions about the company's long-term strategy and its heavy reliance on search engine advertising revenue.
Google reports strong growth driven by AI, cloud
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Google reports strong growth driven by AI, cloud
Tuwaiq Academy becomes authorized Google Cloud training partner
RIYADH: The leading Saudi programming trainer Tuwaiq Academy has been selected as a Google Cloud Authorized Training Partner to introduce boot camps and programs featuring professional certifications.
A number of the academy’s staff members have received certification in instructing Google Cloud’s cloud computing technologies and services.
Google Cloud’s endorsement of Tuwaiq Academy highlights the institution’s adherence to worldwide standards in fostering expertise in cloud infrastructure, data science, machine learning and application development while providing professional certifications, said CEO of Tuwaiq Academy Abdulaziz Alhammadi.
These certifications include certified professional cloud architect, certified professional data engineer, certified professional cloud developer, certified professional cloud security engineer and certified professional machine learning engineer.
This milestone follows the staff’s acquisition of various professional certifications in teaching cutting-edge technologies across multiple cloud computing disciplines.
Alhammadi highlighted the academy’s dedication to forging partnerships with prominent global organizations to offer professional boot camps and programs within an environment equipped with the latest technologies.
The objective is to cultivate outstanding national talents capable of developing innovative solutions across diverse sectors.
Tuwaiq Academy stands out as the first of its kind to offer a multitude of boot camps and programs in partnership with leading global entities, benefiting more than 1,000 trainees daily, Alhammadi said.
Founded in 2019, it provides a range of training and educational courses in cybersecurity, programming and software development in a bid to position Saudi Arabia among the ranks of technologically advanced countries.
The academy employs a practical application-based learning methodology to remain current with modern technological advancements and align with job market demands.
Google must divest Chrome to restore competition in online search, US prosecutors say
- Such changes would essentially result in Google being highly regulated for 10 years
- Google controls about 90% of the online search market and 95% on smartphones
Alphabet’s Google must sell its Chrome browser to restore competition in the online search market it dominates, and take a broad range of other corrective actions, including sharing data and search results with competitors, US prosecutors argued to a judge on Wednesday.
Such changes would essentially result in Google being highly regulated for 10 years, subjecting it to oversight by the same Washington federal court that ruled the company maintained an illegal monopoly in online search and related advertising.
Google controls about 90 percent of the online search market and 95 percent on smartphones.
Court papers filed Wednesday night expand on an earlier outline for what prosecutors argued would dilute that monopoly. Google called the proposals radical at the time, saying they would harm US consumers and businesses and shake American competitiveness in AI. The company has said it will appeal.
The US Department of Justice and a coalition of states want US District Judge Amit Mehta to end exclusive agreements in which Google pays billions of dollars annually to Apple and other device vendors to be the default search engine on their tablets and smartphones.
Google will have a chance to present its own proposals in December.
Mehta has scheduled a trial on the proposals for April, though President-elect Donald Trump and the DOJ’s next antitrust head could step in and change course in the case.
Egyptian billionaire Naguib Sawiris to launch digital business platform for ‘next generation of entrepreneurs’
- MONIIFY newsroom will focus on emerging markets such as Southeast Asia, India, and the GCC
- Platform will launch on Nov. 26, and provide daily business updates to ‘help young people become rich,’ Sawiris says
LONDON: Egyptian billionaire Naguib Sawiris is set to unveil MONIIFY, a new digital business newsroom designed to cater to millennials and Gen Z audiences with a focus on emerging markets.
Scheduled for launch on Nov. 26, MONIIFY aims to become the “go-to space for business, tech, and finance updates” tailored to young entrepreneurs navigating the modern economic landscape.
“Young people today need more than traditional business and finance news,” said Sawiris. “MONIIFY speaks directly to the next generation of entrepreneurs, in their language, on the platforms they want”.
Based in the UAE, the platform will spotlight industries shaping the future, such as technology, artificial intelligence, private equity, cryptocurrency, and energy, with a particular focus on Southeast Asia, India, and the GCC — regions described by Sawiris as “bursting with potential.”
The platform promises daily updates, including breakdowns of investment trends and business opportunities, along with interviews featuring successful entrepreneurs.
It will also offer content formats such as short videos, explainers, deep-dive interviews, and a masterclass series featuring industry leaders sharing their success blueprints.
CEO Michael Peters, former head of Euronews, said MONIIFY represents a collective effort by top media professionals.
“We have brought together the best media talent from international markets as well as emerging markets who believe strongly in the MONIIFY movement, and who represent our brand,” said Peters.
MONIIFY creators will feature leading voices in financial content, including Eisa Al-Habib (UAE), Uptin Saiidi (US), Anushka Rathod (India), Felicia Putri Tjiasaka (Indonesia), Osamah Essam El-Din (Saudi Arabia), and Sara and Aaron Wee (Singapore).
In a teaser interview, Sawiris, chairman of Egypt-based Orascom TMT Investments with an estimated net worth of $3.8 billion, said he was inspired by his desire to help young people achieve financial success.
“I want to help young people become rich — even richer than me,” he said.
Sawiris has a history of high-profile initiatives. In 2011, he sold Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar transaction. In 2015, he offered to buy a Greek or Italian island to house Syrian refugees, a plan that was ultimately rejected by both governments.
Netflix showcases Ittihad and Ahli episodes of new docuseries at exclusive Jeddah screening
- Six-part “Saudi Pro League: Kickoff” will be available for streaming on the platform from Thursday
- Al-Ittihad’s episode is titled, “The struggle to achieve glory,” while Al-Ahli’s is “Counterattack”
JEDDAH: Ahead of its official launch on Nov. 21, Netflix gave an exclusive first look at its new documentary series, “Saudi Pro League: Kickoff,” on Tuesday night with two viewing events in Jeddah that showcased episodes covering the city’s two giant clubs.
The screenings were attended by club officials, members of the media, sports bloggers and Al-Ahli’s German coach Matthias Jaissle.
Al-Ittihad’s episode is titled, “The struggle to achieve glory,” while Al-Ahli’s is “Counterattack.”
Two more exclusive screening events will take place in Riyadh on Wednesday to unveil episodes on Al-Hilal and Al-Nassr.
Attendees at the Muvi theater in Jeddah were treated to storylines on Karim Benzema’s experiences during his first season at Al-Ittihad, and Jaissle’s leadership at Al-Ahli as the club battled to gain qualification to the AFC Champions League on their return to the Saudi Pro League after relegation two season earlier.
As well as shining a spotlight on Jeddah’s big-name players, the episodes also showcased emerging local talents from the two clubs, such as Al-Ahli’s forward Feras Al-Buraikan, and the 16-year-old striker Talal Hajji of Al-Ittihad.
Jaissle said that he was impressed with the first look at “Saudi Pro League: Kickoff,” and described Al-Ahli’s episode in three words: “Overwhelmed, emotional and authentic as well.”
“I really enjoyed the special documentary on Al-Ahli, and it offers an exclusive look into the world of Saudi league, showcasing Al-Ahli dynamics and individual player journeys,” he said.
Adnan Jastania, a renowned Saudi football analyst who watched Al-Ittihad’s episode, said: “It really shows the drama, excitement and passion for football in Saudi Arabia. I enjoyed the intra-history of Al-Ittihad and the culture of the oldest sports in Saudi.”
Set to launch on Thursday, the docuseries will have six episodes in total and will focus on the battle for the 2023-24 SPL title with focus on then-reigning champions Al-Ittihad, Al-Hilal, Al-Nassr, Al-Ahli and Al-Ettifaq.
Advertising network Publicis Groupe partners with Dubai Business Women Council to support female businesses
- Publicis Groupe to host workshops focusing on public relations, brand communication, digital marketing
DUBAI: Advertising network Publicis Groupe Middle East has partnered with the Dubai Business Women Council to support female-founded micro, small and medium-sized businesses.
Founded in 2022 by Dr. Raja Easa Al-Gurg, chairperson and managing director of the Easa Saleh Al Gurg Group, the Dubai Business Women Council serves as a platform for the personal and professional development of businesswomen in Dubai.
This partnership will see Publicis Groupe host a series of workshops aimed at providing female business owners with a comprehensive knowledge of brand marketing and communications.
The first workshop, titled “The Power of Founder-Led Brands,” took place on Nov. 14 and was led by Andira Raslan, business director, and Sophia Boudjemaa, business director of strategy and insights, MSL Group Middle East.
During the session, Raslan and Boudjemaa emphasized the importance of personal branding and talked about strategies for building trust, increasing customer engagement, and instilling authenticity and personality in a brand.
Public relations, brand communication, digital marketing, social media strategies, innovation and growth are some of the topics that will be covered during future sessions.
“Effective marketing and communication can transform businesses, yet access to this knowledge and resources isn’t always within reach for small business owners,” said Bassel Kakish, CEO of Publicis Groupe Middle East and Turkiye.
The workshops aim to “democratize these insights and break down barriers for women entrepreneurs so they can elevate their brands,” he added.
Supported by the network’s in-house training and upskilling department Publicis Academy, the workshops are structured based on a survey conducted by the network to identify the challenges faced by micro, small and medium-sized businesses.
Nadine Halabi, head of business development and operations at the Dubai Business Women Council, said: “Empowering female entrepreneurs with the tools to elevate their brands is crucial for fostering innovation and growth within Dubai’s business landscape.
“Working with the experts at Publicis Groupe Middle East provides our members with access to strategic marketing and communication insights typically reserved for larger corporations.”
