Google and Microsoft’s advertising revenue both saw significant growth in the third quarter of 2023, up 9.5% and 10% year-over-year, respectively. This is a positive sign for the ad market, which has been recovering after a slowdown in the previous few quarters.
Google’s overall revenue was up 11% year-over-year, while Microsoft’s overall revenue was up 13% year-over-year. Both companies also saw strong growth in other areas, such as Cloud computing and hardware.
The increase in ad revenue is driven by various factors, including higher demand for digital ads, adoption of new ad formats, and expansion of both companies’ ad networks.
Google and Microsoft are the two largest players in the digital advertising market, and their strong performance in Q3 is a good sign for the industry as a whole. It suggests that businesses are still investing in digital advertising, even in the face of economic challenges.
Google and Microsoft CEO’s comment
Sundar Pichai, CEO of Google, said that he is pleased with the company’s financial results and product momentum this quarter. He also highlighted the progress being made on AI-driven innovations.
Satya Nadella, CEO of Microsoft, said that the company is making the age of AI real for people and businesses everywhere. Microsoft is rapidly integrating AI across all aspects of the tech stack for enhanced productivity.