Google parent company posts positive Q2 2024 results
The parent company of Google, Alphabet, has released its results for the second quarter of 2024.
Overall, the technology titan secured US$84,742 billion in revenue by the end of June 30 – a 14% increase from its 2023 result. Digital advertising and the cloud heavily contributed to its earnings.
“We delivered revenues of $85 billion, up 14% year-on-year driven by Search as well as Cloud, which for the first time exceeded $10 billion in quarterly revenues and $1 billion in operating profit,” said the company’s president and chief investment officer, Ruth Porat.
“As we invest to support our highest growth opportunities, we remain committed to creating investment capacity with our ongoing work to durably re-engineer our cost base.”
Source: Alphabet/Google [Click to enlarge]
Advertising revenue also saw an increase from US$58,143 billion in 2023 to US$64,616 billion in 2024, thanks to “Google search & other” (US$48,509 billion), YouTube ads (US$8,663 billion), and Google Network (US$7,444 billion).
“Our strong performance this quarter highlights ongoing strength in Search and momentum in Cloud,” Sundai Pinchai, Alphabet’s chief executive officer, said.
“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.”
Source: Alphabet/Google [Click to enlarge]
The second quarter results come around the time where Google decided to scrap its contentious plans of eliminating third-party cookies from its Chrome browser. Instead, the tech giant is proposing a “one-time opt-in” solution that will give users the ability to determine how they’re tracked when using Chrome.
Check out some of the industry reaction to the move here.
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