Alphabet, Google’s parent company, missed earnings-per-share expectations for the third quarter, but excelled in revenue.
The company reported Monday that revenue reached $40.5 billion versus the $40.32 billion expected, and the EPS came in at $10.12 versus $12.42, per estimates, according to one provider of market data.
Google’s ad revenue came in at $33.916 billion for the quarter, up from $28.954 billion. Paid clicks on Google properties rose 18% in the third quarter of 2019 -- up from a year ago. In good news for advertisers, the cost per click on Google properties fell 2% during the same time period.
“I am extremely pleased with the progress we made across the board in the third quarter, from our recent advancements in search and quantum computing to our strong revenue growth driven by mobile search, YouTube and Cloud,” stated Sundar Pichai, Google CEO. “We’re focused on providing the most helpful services to our users and partners, and we see many opportunities ahead.”
eMarketer estimates worldwide Google will generate $105.33 billion in net digital ad revenue in 2019, giving it a 32.0% share of the worldwide digital ad market. The company will remain the dominant player in worldwide search ad spending, taking 62.5% of the $139.45 billion search market worldwide.
In display, Google will take 10.7% of the $22.92 billion global market this year, putting it at No.3 globally behind Facebook and Alibaba.
For the mobile market this year, Google will take 33.3% of the $240.95 billion worldwide mobile ad market. Facebook will follow at No. 2 with a 27.1% share.