Google says AI Mode searches monetize worse than classic search

Alphabet reported 12% search revenue growth to $63.25bn, but the pace slowed due to lower monetization in AI Mode. Q3 capex hit $51.4bn and net income fell to $26.17bn from $35bn a year earlier, sending shares down nearly 10%.

• Search revenue rose 12% to $63.25bn, down from 14.5% growth a year ago
• Q3 capex reached $51.4bn, two-thirds for servers and networking
• Net income fell to $26.17bn from $35bn a year earlier
• Google turned on ads alongside AI Mode searches worldwide