Alphabet's Q2 results beats expectations; revenue stands at $74.6 billion vs the $72.82 billion estimates

Google Cloud's revenue has risen 28% to $8.1 billion meanwhile, Youtube ad sales have increased 15% YoY to $18.37 billion.

Alphabet's Q2 revenue rose 7% to $74.6 billion from $69.7 billion in the year-earlier. The revenue earlier estimated was $72.82 billion. Net income for the quarter under review grew 15% YoY to $18.37 billion.

According to the Q2 results, Google's ad revenue rose 3.3% to $58.14 billion, up from $56.29 billion last year. Ad sales for Google's YouTube video service has increased by 4.4% to $7.67 billion. Revenue from Google’s cloud unit increased 29% YoY to $8 billion from $6.2 billion. Google Search contributed $42.63 billion to revenues vs $40.7 billion in the last quarter.

Sundar Pichai, CEO of Alphabet says there is an exciting momentum across the company’s products that drove the strong results this quarter. “Our continued leadership in AI and excellence in engineering and innovation are driving the next evolution of Search, and improving all our services. With 15 products that each serve half a billion people and six that serve over two billion each, we have so many opportunities to deliver on our mission.”

“Our financial results reflect continued resilience in search, with an acceleration of revenue growth in both Search and YouTube, as well as momentum in Cloud. We continue investing for growth while prioritising our efforts to durably reengineer our cost base company-wide and create capacity to deliver sustainable value for the long term."

Pichai also announced that Alphabet's CFO Ruth Porat will take a new role as president and chief investment officer of the company effective September 1, 2023.

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