Alphabet's Q3 2024 earnings report

Alphabet Beats Q2 Estimates with $84.74B Revenue and $1.89 EPS on Strong Ad and Cloud Sales

Jul 23, 2024, 08:19 PM

Google parent Alphabet reported better-than-expected second-quarter earnings, driven by strong performance in digital advertising and cloud computing services. The company posted earnings per share (EPS) of $1.89, surpassing the anticipated $1.84. Revenue reached $84.74 billion, exceeding the forecasted $84.37 billion. Alphabet's Google Cloud revenue hit $10.35 billion, marking the first time it surpassed $10 billion in a quarter, while YouTube ad revenue was $8.66 billion. The company's total advertising revenue was $64.62 billion. Operating margin improved to 32%, and net income was $23.6 billion. Google Search revenue reached $48.5 billion. CEO Sundar Pichai highlighted the ongoing strength in Search and momentum in Cloud as key drivers of this quarter's success. Despite the positive results, Alphabet flagged that capital expenses would remain high for the year.