Alphabet Inc (GOOG) (GOOGL) posted financial results for the third quarter after the closing bell on Wednesday. Here's a rundown of the tech giant's report.

Alphabet Q3 Highlights

Alphabet reported third-quarter revenue of approximately $127.58 billion, missing analyst estimates of $128.20 billion, according to market data. The Google parent company reported third-quarter earnings of $2.12 per share, which may not compare to estimates of $3.02 per share.

Total revenue was up 25% on a year-over-year basis, driven by strong performance across the business. Here's a breakdown of revenue by category.

• Google Search: $63.35 billion, up from $56.57 billion year-over-year
• YouTube Advertising: $11.21 billion, up from $10.26 billion year-over-year
• Google Cloud: $30.71 billion, up from $15.16 billion year-over-year
• Google Advertising: $82.01 billion, up from $74.18 billion year-over-year

"We had a strong quarter and are now on a half-trillion dollar revenue run rate," said Sundar Pichai, CEO of Alphabet. "Our AI investments are driving overall Search query growth, including commercial queries. In fact, our year-over-year query growth rate is the highest it's been in the last five years."

Alphabet said Gemini models now process nearly 32 billion API tokens per minute and the Gemini app now has over one billion users, making it the fastest-growing product in company history.

Alphabet ended the quarter with approximately $265.10 billion in cash, cash equivalents and marketable securities.

Alphabet management will discuss the quarter on an earnings call at 4:30 p.m. ET.

GOOG Shares Fall After Earnings

GOOG Price Action: Alphabet shares were down 8.08% in after-hours on Wednesday, trading at $295.57 at the time of publication, according to market data.