Google parent Alphabet reported its first-ever $100 billion quarterly revenue on Wednesday, powered by strong growth across its core search business and rapidly expanding cloud division that was buoyed by artificial intelligence.

The tech giant's revenues jumped 16 percent year-on-year to $102.3 billion in the third quarter, beating analyst expectations and marking a milestone for the company founded by Larry Page and Sergey Brin in 1998.

"Alphabet had a terrific quarter, with double-digit growth across every major part of our business," said CEO Sundar Pichai in a statement.

Net income surged 33 percent to $35 billion, with the company pointing to its ability to capitalize on the artificial intelligence boom that is reshaping the tech landscape.

Google's core search and advertising bu

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