Google’s parent company Alphabet reported better-than-expected earnings for the second quarter of 2023. The company’s profit exceeded Wall Street analysts’ estimates, thanks to demand for Google Cloud services and a recovery in ad spending. Accordingly, Google announced that it earned 74.6 billion dollars in the last quarter.
Google’s revenue is $74.6 billion in Q2 2023
Alphabet shared its revenue report for the second quarter of 2023. The company, which announced $ 74.6 billion in revenue in the three-month period, exceeded analysts’ estimates of $ 72.82 billion. Net profit was realized as 1.44 dollars per share, exceeding expectations of 1.34 dollars per share.
Advertising spending, which declined at the beginning of the year due to economic uncertainty, started to increase again. On the other hand, Alphabet’s Google Cloud division also grew, increasing its revenues by 28 percent to $ 8.1 billion.
There have also been a series of changes on the management side of Alphabet. Accordingly, Ruth Porat, Google’s CFO, will become the company’s Chief Investment Officer as of September 1. Porat will help manage Alphabet’s investment portfolio and oversee the “Other” division, which focuses on riskier ventures.
The artificial intelligence division also drew attention in Google’s revenues. Alphabet, which plays big in this field, especially with Bard and PaLM language model developed as a ChatGPT competitor, will turn its route to this field in the coming periods.
Investors welcomed the better-than-expected results. After this report, Alphabet’s shares increased by more than 8 percent. Currently, Alphabet stock is hovering around 121 dollars.
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