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- Revenue increased by 24% to hit $119.8 billion, more than the $117 billion expected by Yahoo Finance analysts
- Diluted earnings per share came to $9.11, more than the $2.95 expected by Yahoo Finance analysts
- Shares were down slightly in after-hours trading
Alphabet reported its 12th consecutive quarter of double-digit revenue growth on Wednesday.
Revenue hit $119.8 billion during the second quarter of the year. Net income increased by 298% to $112.1 billion a share, helped by a massive one-time equity benefit of $98 billion. Excluding that, Google's net income fell from a year earlier. Operating income rose 30.4% to $40.8 billion from a year ago, a metric that may better reflect how the company did during the quarter as it strips out one-time elements.
Increases in Google Services and Google Cloud led to the strong quarter. On the Google Services side, revenue increased by 15% overall to hit $94.5 billion. That was driven by 17% growth in Google search and other, a 15% increase in Google subscriptions, platforms and devices and a 13% uptick when it comes to YouTube ads. This quarter, revenue from YouTube ads came in at $11.1 billion.
As for Google Cloud, the offering saw a revenue increase of 82% to hit $24.8 billion. That was led by an increase in the Google Cloud Platform across enterprise AI solutions and enterprise AI infrastructure.
Unlike other major tech players, Alphabet's stock has stayed consistently high, rising about 4% over the past three months. However, during Wednesday's call the company's shares were off their 2-week high. Amazon's stock has stayed flat during this time period while Meta's stock has declined by almost 6% and Microsoft's has dropped by 5%.
More to come …
The post Alphabet Reports Double-Digit Revenue Growth for 12th Consecutive Quarter appeared first on TheWrap.
