Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) reported financial results for the second quarter after the market close on Wednesday. Here’s a look at the key details from the report.
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Alphabet Q2 Earnings Highlights
Alphabet posted second-quarter revenue of approximately $119.80 billion, beating analyst estimates of $116.82 billion, according to Benzinga Pro.
The Google parent company reported second-quarter earnings of $9.11 per share, which may not compare to estimates. Alphabet said earnings were up 294% year-over-year.
Total revenue was up 24% on a year-over-year basis, driven by strong performance across the business. Here’s a breakdown of revenue by category.
- Google Search: $63.27 billion, up from $54.19 billion year-over-year
- YouTube Advertising: $11.06 billion, up from $9.80 billion year-over-year
- Google Cloud: $24.77 billion, up from $13.62 billion year-over-year
- Google Advertising: $81.63 billion, up from $71.34 billion year-over-year
“Our AI investments are redefining what’s possible across every part of our business,” said Sundar Pichai, CEO of Alphabet.
“Q2 was an amazing quarter, with Alphabet revenues growing 24% year-over-year and Google Cloud revenues accelerating to 82% growth, driven by demand for AI infrastructure and AI solutions. It’s great to see wide adoption of Gemini Enterprise, with nearly 90% of the Fortune 100 using it.”
Alphabet noted Gemini models now process 22 billion API tokens per minute and the Gemini app now has 950 million monthly active users.
Alphabet ended the quarter with approximately $242.47 billion in cash, cash equivalents and marketable securities.
Alphabet executives will further discuss the company’s quarterly results on an earnings call at 4:30 p.m. ET.
GOOG Shares Move Higher After the Bell
GOOG Price Action: Alphabet shares were up 1.39% in after-hours on Wednesday, trading at $346.67 at the time of publication, according to Benzinga Pro.
Image: Shutterstock.com
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