American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Investing

Strong Search and Cloud Revenues Propel Alphabet Past Q2 Estimates

by admin July 25, 2024
July 25, 2024
Strong Search and Cloud Revenues Propel Alphabet Past Q2 Estimates

Google (NASDAQ:GOOGL) parent company Alphabet reported its second quarter results headlined by US$84.74 billion in revenue, showcasing solid growth driven by its core search and cloud segments.

Alphabet’s revenue for Q2 surpassed the anticipated US$84.19 billion. Diluted earnings per share were US$1.89, slightly above the expected US$1.84, marking a 14 percent increase in revenue compared to the same period last year.

Ad revenue alone comprised more than half of the company’s total revenue, bringing in US$64.62 billion. That’s up from US$58.14 billion the previous year, when marketing budgets were tighter.

The company’s search revenue, which is contained within ad revenue, came to US$48.51 billion.

Meanwhile, Alphabet’s cloud revenue exceeded the US$10 billion mark for the first time, reaching US$10.35 billion and surpassing the projected US$10.16 billion target laid out by analysts.

“Our strong performance this quarter highlights ongoing strength in Search and momentum in Cloud,” said CEO Sundar Pichai in Alphabet’s Tuesday (July 23) press release. He also emphasized ongoing innovation in artificial intelligence (AI) and the importance of the company’s infrastructure and research teams in driving future opportunities.

Unlike the company’s other segments, YouTube ad revenue failed to eclipse the forecast US$8.93 billion despite reaching an increased US$8.66 billion level, up from US$7.66 billion last year.

Regardless, Chief Business Officer Philipp Schindler noted that strong growth in platform subscriptions helped YouTube remain the most-watched streaming platform for the 17th consecutive month. Schindler added that the company is working to leverage AI integration across its services to improve advertising experiences for customers and clients.

Similarly, outgoing Chief Financial Officer Ruth Porat remarked that YouTube’s growth included closing the gap on Shorts monetization and healthy watch time growth. Porat, who is the company’s longest-tenured CFO, will be transitioning to the newly created role of president and chief investment officer, managing the company’s “Other Bets” division.

The portfolio includes initiatives like the self-driving car unit Waymo, which Porat reported will be receiving a new US$5 billion multi-year injection to improve its services.

Alphabet shares closed Tuesday at US$181.79, but opened lower on Wednesday (July 24) at US$173.40. The company ended Wednesday at US$172.63, but is up close to 25 percent year-to-date.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Sams Creek and Reefton Exploration Update
next post
Uranium Price Update: Q2 2024 in Review

Related Posts

Sams Creek and Reefton Exploration Update

July 25, 2024

Top 4 S&P 500 stocks to buy Polymarket...

April 3, 2025

Mernova Q3 Revenue Update

July 24, 2024

WOA Proprietary Technology Successfully Adapted to Produce Pea...

July 9, 2024

5 Top Weekly TSXV Stocks: Tuktu Resources Rises...

August 5, 2024

Proposed Agreement to Settle Cosmo Gold Loan

June 17, 2024

ISR Uranium Specialist Appointed to Board

June 28, 2024

USD/JPY forms a death cross: is the Japanese...

March 24, 2025

CrowdStrike stock forecast: will it hit its ATH...

November 22, 2024

TSX index pattern points to a bigger crash...

March 12, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Interview: Strategic location gives Brazil Potash cost advantage in domestic fertiliser market, says CEO Matt Simpson

      June 1, 2025
    • Canada’s Q1 GDP expands by 2.2%, driven by exports spike ahead of potential US tariffs

      June 1, 2025
    • President Trump to host farewell for Elon Musk as DOGE leader steps away

      June 1, 2025
    • UK’s digital banks face divergent fortunes: Starling stumbles, Monzo and Revolut soars

      June 1, 2025
    • Trump wants Apple to shift iPhone production from India to the US: here’s what it means

      May 18, 2025

    Categories

    • Business (3,022)
    • Investing (2,459)
    • Latest News (1,994)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved