Google parent company Alphabet brought in $84.74 billion in revenues for Q2 2024

Google's parent company Alphabet has announced its financial numbers for the second quarter of 2024 that ended on June 30. Revenues for the quarter came in at $84.74 billion, which is up 14 percent compared to the $74.6 billion in revenue that it got from the same period in 2023. Net income was $23.62 billion, which was also up compared to the $18.37 billion the company had in net income for the same period a year ago.

As usual, the Google Search division brought in the majority of the company's revenue at $48.50 billion, compared to $42.63 billion from the same quarter a year ago. For the first time, the Google Cloud division brought in over $10 billion in revenue; $10.35 billion in fact. That was up from $8.03 billion from a year ago.

Revenue from Google's YouTube ad division came in at $8,67 billion for the quarter. While that was up from $7.67 billion from a year ago, today's numbers reportedly did not meet expectations from analysts, according to CNBC.

The company's Other Bets financial category, which includes its long-running Waymo self-driving car division, brought in $365 million for the quarter, which is up compared to the $285 million the division had in revenue from the same period a year ago.

Google CEO Sundar Pichai stated in the earnings press release:

Our 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.

Alphabet's stock price is up by over 1 percent in after-hours trading as of this writing. It would appear that traders like the numbers from Alphabet and Google, even with the YouTube ad revenue miss.

Source

Hope you enjoyed this news post.

Thank you for appreciating my time and effort posting news every single day for many years.

2023: Over 5,800 news posts | 2024 (till end of June): 2,839 news posts