What you need to know
- Alphabet sees 14% increase in revenue in Q2 2024
- The company reported $8.66 billion in YouTube ad revenue
- CEO Sundar Pichai says growth comes from "ongoing strength in Search and momentum in Cloud."
Alphabet announced its Q2 2024 earnings on Tuesday (July 23), reporting $84.74 billion in revenue, 14% up from the same period a year ago.
The company's CEO, Sundar Pichai, said the company's "strong performance this quarter highlights ongoing strength in Search and momentum in Cloud."
"We are innovating at every layer of the AI stack. Our longstanding infrastructure leadership and in-house research teams position us well as technology evolves and as we pursue the many opportunities ahead," he said in the earnings report.
Alphabet reported $27.42 billion in operating income, a 32% increase year-over-year, and net income at $23.61 billion.
Most of these results were in line with Wall Street analysts, who expected the company to report a 13% jump in revenue from the same period a year ago in revenue in the second quarter.
The company slightly fell short of expectations ($8.93 billion) for YouTube advertising, which was reported at $8.66 billion. Cloud exceeded expectations ($10.20 billion) and reported revenue of $10.35 billion.
Alphabet reported ad revenue of $64.62 billion, which was up from $58.14 billion last year.
During the conference call, Pichai added that he was looking forward to the Made by Google Pixel event in August and that the company will have "lots to share around Android and the Pixel portfolio of devices. "
