Alphabet (GOOG, GOOGL) reported its second-quarter earnings after the bell on Wednesday, and the numbers were impressive. Revenue came in at about $119.80 billion, beating analyst estimates of $116.82 billion. Earnings hit $9.11 per share, up a whopping 294% year-over-year. Total revenue grew 24% from a year ago, with strength across the board.
Here's how the key segments performed:
- Google Search: $63.27 billion, up from $54.19 billion
- YouTube Advertising: $11.06 billion, up from $9.80 billion
- Google Cloud: $24.77 billion, up from $13.62 billion — that's 82% growth
- Google Advertising: $81.63 billion, up from $71.34 billion
The cloud business was the standout, more than doubling its revenue from a year ago. CEO Sundar Pichai said in a statement: "Our AI investments are redefining what's possible across every part of our business." He added: "Q2 was an amazing quarter, with Alphabet revenues growing 24% year-over-year and Google Cloud revenues accelerating to 82% growth, driven by demand for AI infrastructure and AI solutions. It's great to see wide adoption of Gemini Enterprise, with nearly 90% of the Fortune 100 using it."
Alphabet also shared some impressive AI metrics: Gemini models now process 22 billion API tokens per minute, and the Gemini app has 950 million monthly active users. The company ended the quarter with about $242.47 billion in cash and marketable securities.
Alphabet executives will discuss the results further on an earnings call at 4:30 p.m. ET. Shares were up 1.39% in after-hours trading, changing hands at $346.67 at the time of publication.
