Alphabet, the parent company of Google, reported its second-quarter financial results for 2024, with total revenue of $84.742 billion, representing a 14% increase compared to the same quarter last year. They achieved a net profit of $23.619 billion.
The key highlight of this quarter is the cloud business, with Google Cloud revenue surpassing tens of billions for the first time, reaching $10.347 billion. The operating profit for this segment was $1.172 billion, marking the first time the profit exceeded a billion as well.
Other interesting financial figures include:
– Revenue from advertising on YouTube reached $8.663 billion, a 13% increase
– Traffic Acquisition Costs increased by 7%, totaling $13.387 billion
– Revenue from subscriptions, platforms, and hardware reached $9.312 billion, up by 14%
– The new business group “Other Bets” generated revenue of $365 million but incurred a segment loss of $1.134 billion
– Losses from operations related to AI amounted to $2.287 billion
Source: Alphabet (pdf)
TLDR: Alphabet reported strong financial performance in Q2 2024, with significant growth in revenue and profit across various segments, including Google Cloud and YouTube advertising. Other bets and AI-related operations incurred losses.
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