Shares of Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) climbed on Friday, even as the major stock indexes fell. As of 12:30 p.m. EDT, the tech-focused conglomerate's stock was up 4.6%, while the S&P 500 and Nasdaq were down 1.1% and 2%, respectively.
Alphabet's third-quarter revenue jumped 14% year over year to $46.2 billion, besting Wall Street's estimates of $42.9 billion. The tech titan's net income, meanwhile, surged 59% to $11.2 billion, or $16.40 per share. That, too, was well above analysts' expectations, which had called for earnings per share of $11.29.
Alphabet saw a rebound in Google's search and other advertising revenues, which came under pressure as marketers reduced their spending during the early stages of the coronavirus pandemic. Revenue in this segment rose 6% to $26.3 billion.
YouTube delivered a particularly strong performance. The popular online video-sharing site saw its ad sales leap 32% to $5 billion. Google Cloud's growth was also impressive. The cloud infrastructure unit saw revenue soar 45% to $3.4 billion.
"We had a strong quarter, consistent with the broader online environment," Alphabet and Google CEO Sundar Pichai said in a press release. "It's also a testament to the deep investments we've made in AI and other technologies, to deliver services that people turn to for help, in moments big and small."
With the COVID-19 crisis driving people to work, learn, shop, and play online more than ever before, Alphabet is likely to see greater demand for its plethora of internet-based services. Today's gain, therefore, could be just the beginning of a far larger long-term move in the tech giant's stock price.