SAN FRANCISCO, Oct. 29 (Xinhua) -- Alphabet Inc., the parent company of Google, on Wednesday reported record third-quarter consolidated revenues of 102.3 billion U.S. dollars, a 16 percent increase from the same period last year.

The company's net income for the third quarter surged to 34.98 billion dollars, up 33 percent year over year.

Google Services total revenues increased 14 percent to 87.1 billion dollars, reflecting robust performance across Google Search and other, Google subscriptions, platforms, devices, and YouTube advertisements.

Google Cloud revenues increased 34 percent to 15.2 billion dollars, led by growth in Google Cloud Platform across core products, artificial intelligence (AI) infrastructure and generative AI solutions.

The company said that it has over 300 million paid subscriptions led by Google One and YouTube Premium, and its Gemini App now has over 650 million monthly active users.

"Alphabet had a terrific quarter, with double-digit growth across every major part of our business," said Sundar Pichai, CEO of Alphabet and Google. "Our full stack approach to AI is delivering strong momentum and we're shipping at speed ... we are investing to meet customer demand and capitalize on the growing opportunities across the company."