5 Best Q3 Earnings Reports That Crushed Estimates

2. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 152

Alphabet Inc. (NASDAQ:GOOG) was one of the most significant companies that crushed analyst estimates for both EPS and revenue in Q3. Earnings per share in the September quarter for the search engine giant came in at $1.55 surpassing estimates by $0.10. Revenue in the quarter jumped 11.1% year over year to $76.79 billion, beating estimates by $980 million.

Net sales for YouTube ads in the third quarter jumped 12.4% year over year to $7.95 billion.

Weitz Investment Management Large Cap Equity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“As for other quarterly contributors, Alphabet Inc. (NASDAQ:GOOG) and Meta Platforms, Inc., (META) added to their exceptional year-to-date returns. Meta Platforms and Alphabet were the true year-to-date standouts. After steep declines in 2022, both stocks rebounded sharply due to a combination of solid fundamentals, disciplined operational execution, and improved sentiment. Despite outsized gains and attention, we think both Alphabet and Meta remain undervalued.”