On the market side, Google’s third-quarter revenue came in at 102.3 billion US dollars, up about 16% year-on-year. Within its core businesses, services revenue reached around 87.1 billion dollars, an increase of roughly 14%, while Google Cloud revenue climbed to 15.2 billion dollars, up about 34% year-on-year.
Although advertising remains Google’s profit engine, the acceleration in cloud growth and the clear expansion of subscription services show that the company is transforming from a “traditional search + ads” model to a diversified growth engine driven by “cloud + AI + platform.”
On the technology front, Google says its “full-stack AI” strategy is starting to pay off: from infrastructure (self-developed TPUs and cloud servers), to models (such as the Gemini family), to the product layer (Search AI Mode, YouTube short-form video, and cloud AI solutions), all are gaining momentum.
In addition, Waymo announced that its autonomous taxi service is, for the first time, operating on highways and interstate freeways in the United States, covering regions such as San Francisco, Los Angeles, and Phoenix. This marks a shift in its technology from low-speed urban scenarios to highway environments. Such an expansion requires higher-grade sensors, redundant decision-making systems, more real-world testing, and corresponding regulatory support.
Despite the overall strong performance in revenue and net profit, “Other Bets” revenue was about 344 million dollars, down roughly 11% year-on-year. This indicates that emerging areas such as autonomous driving are still in the investment phase and have yet to generate large-scale profits. Waymo’s latest expansion onto highways is not only a milestone in technology deployment, but also a sign that its commercialization pace is accelerating.
Market Interpretation:
Google’s core businesses are still delivering solid growth, its technological groundwork is deep, and the cloud + AI trend is clearly in its favor. However, challenges remain:
Autonomous driving, while highly promising, has a long commercialization cycle, requires heavy capital expenditure, and its returns have yet to be fully realized;
The advertising business faces intensifying competition and evolving user behavior across platforms;
Regulatory risk, data privacy concerns, and AI ethics issues are also factors that deserve close attention.
