Google’s Alphabet mostly beat expectations, but Youtube ad revenues missed
Google owner Alphabet (NASDAQ:GOOG) reported second-quarter earnings mostly ahead of Wall Street expectations.
The company reported $84.74 billion of revenue for the quarter, up 14% compared to this time last year and better than the market’s consensus forecast of $84.19 billion.
At $1.89 earnings per share was also ahead of Wall Street’s estimate of $1.84.
Google Cloud revenue reached $10.35 billion, versus a $10.20 billion forecast, but, at $8.66 billion Youtube advertising revenue was shy of the $8.93 billion pencilled in by Wall Street.
Still, Google Search remained the largest contributor with revenue of $48.5 billion.
Net income totalled $23.6 billion, which was handily above the consensus estimate of $18.4 billion.
Chief executive Sundar Pichai underlined key Google messaging in the results statement, highlighting the tech giant’s AI roadmap.
“We are well under way with our Gemini era and there’s great momentum across the company,” Pichai said.
“Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation.”
He added: “Our results in the first quarter reflect strong performance from Search, YouTube and Cloud.”
In Tuesday's ‘afterhours’ trade, meanwhile, Alphabet shares trade lower – losing $2.82 or 1.54%, priced at $180.78.
