What you need to know
- Alphabet has reported a 14% increase in revenue in Q2 of 2024
- The company disclosed $8.66 billion in YouTube advertising revenue
- CEO Sundar Pichai attributes growth to “ongoing strength in Search and momentum in Cloud.”
Alphabet unveiled its Q2 2024 earnings on Tuesday (July 23), revealing a total revenue of $84.74 billion, up 14% from the same period last year.
In a statement, CEO Sundar Pichai mentioned that the company’s “strong performance this quarter underscores the continued strength in Search and the momentum in Cloud.”
He further added, “We are continuously innovating across all aspects of the AI stack. Our longstanding leadership in infrastructure and our internal research teams position us favorably as technology evolves and we pursue various opportunities ahead,” as stated in the earnings report.
Alphabet reported $27.42 billion in operating income, marking a 32% increase compared to the previous year, with net income reaching $23.61 billion.
Most of these figures aligned with Wall Street analysts’ expectations, who anticipated a 13% rise in revenue from the same quarter of the preceding year.
The company slightly missed the predicted $8.93 billion for YouTube advertising revenue, reporting $8.66 billion. Conversely, Cloud revenue surpassed expectations at $10.35 billion, exceeding the projected $10.20 billion.
Alphabet’s ad revenue totaled $64.62 billion, up from $58.14 billion in the previous year.
During the conference call, Pichai expressed anticipation for the upcoming Made by Google Pixel event in August, where the company will unveil “plenty to discuss regarding Android and the Pixel device portfolio.”
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