Google"s parent company Alphabet has announced its financial numbers for the second quarter of 2024 that ended on June 30. Revenues for the quarter came in at $84.74 billion, which is up 14 percent compared to the $74.6 billion in revenue that it got from the same period in 2023. Net income was $23.62 billion, which was also up compared to the $18.37 billion the company had in net income for the same period a year ago.
As usual, the Google Search division brought in the majority of the company"s revenue at $48.50 billion, compared to $42.63 billion from the same quarter a year ago. For the first time, the Google Cloud division brought in over $10 billion in revenue; $10.35 billion in fact. That was up from $8.03 billion from a year ago.
Revenue from Google"s YouTube ad division came in at $8,67 billion for the quarter. While that was up from $7.67 billion from a year ago, today"s numbers reportedly did not meet expectations from analysts, according to CNBC.
The company"s Other Bets financial category, which includes its long-running Waymo self-driving car division, brought in $365 million for the quarter, which is up compared to the $285 million the division had in revenue from the same period a year ago.
Google CEO Sundar Pichai stated in the earnings press release:
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.
Alphabet"s stock price is up by over 1 percent in after-hours trading as of this writing. It would appear that traders like the numbers from Alphabet and Google, even with the YouTube ad revenue miss.