Alphabet beats sales estimates on Google Cloud growth, revenue jumps to $74.6 billion and shares rise 5%

Google parent Alphabet Inc. reported third-quarter sales that climbed more than analysts expected, helped by robust demand for cloud computing services from companies racing to develop or adopt artificial intelligence.

Revenue, excluding partner payouts, increased to $74.6 billion, surpassing the $72.9 billion analysts predicted on average, according to data compiled by Bloomberg. Net income was $2.12 per share, the company said Tuesday in a statement, compared with estimates of $1.84 per share.