Alphabet Surpasses Q2 Estimates with $84.74B Revenue and $1.89 EPS, Driven by Ad and Cloud Growth

Jul 23, 2024, 08:06 PM

Alphabet Inc. (GOOGL) reported its second-quarter earnings today, surpassing Wall Street expectations. The company announced earnings per share (EPS) of $1.89, beating the anticipated $1.84. Revenue for the quarter reached $84.74 billion, exceeding the forecasted $84.19 billion, reflecting a 14% year-over-year increase. Key drivers of this performance include a strong showing in digital advertising, with Google Ad revenue at $64.62 billion, and significant growth in its cloud computing segment, which reported $10.35 billion in revenue, up 28.8% year-over-year. YouTube ad revenue also contributed $8.66 billion. Alphabet's CEO Sundar Pichai highlighted the ongoing strength in Search, which saw a 13.8% year-over-year increase, and momentum in Cloud services. The company's net income rose to $23.6 billion, a 28.5% year-over-year increase. Operating income was reported at $27.43 billion, above the expected $26.37 billion. Alphabet's headcount decreased by 1% year-over-year. Despite these positive results, Alphabet's stock experienced volatility in after-hours trading.