Alphabet, the parent company of Google, announced its Q2 2024 earnings, reporting $84.72 billion in revenue. This represents a 14 percent increase from the $74.6 billion in revenue reported in Q2 2023. The company’s operating income for the quarter was $27.43 billion, with net income of $23.62 billion, up from $18.37 billion in the same quarter last year. In comparison, Alphabet reported $80.5 billion in revenue and $23.66 billion in net income in the previous quarter.
Growth across segments
YouTube ad revenue was $8.66 billion, up from $7.67 billion a year ago. Google Cloud reported $10.35 billion in revenue, compared to $8.03 billion in the same quarter of the previous year. “Google subscriptions, platforms, and devices” (which includes hardware, Play Store, and non-advertising YouTube revenues) reported $9.31 billion, up from $8.14 billion in the same quarter of 2023. Alphabet’s “Other Bets” segment, which includes non-Google businesses, continued to lose money, with a loss of $1.12 billion, compared to $813 million in the same quarter last year. However, the segment’s revenue increased from $285 million in Q2 2023 to $365 million in Q2 2024.
Strength in Search and Cloud
Commenting on the results, Sundar Pichai, CEO of Google and Alphabet, stated, “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.”
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$10 billion Cloud segment
Ruth Porat, Alphabet’s president and chief investment officer, added, “We delivered revenues of $85 billion, up 14 percent year-on-year driven by Search as well as Cloud, which for the first time exceeded $10 billion in quarterly revenues and $1 billion in operating profit. As we invest to support our highest growth opportunities, we remain committed to creating investment capacity with our ongoing work to durably re-engineer our cost base.”
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