Tech Giant Google’s (GOOGL) parent company Alphabet Inc. reported revenue of $61.9 billion for the second quarter ended June 30, a 62% grew from the same quarter last year and significantly higher than the expected by analysts. Alphabet profits more than the double to $18.5 billion.
The revenue growth was driven by a Google’s online advertising business, which posted revenue of $50.4 billion. a 69% increase from the last year revenue. Ad revenue from the YouTube (company’s video sharing platform) increased 84% to $7 billion.
According to the Tuesday earnings report, Alphabet’s stock rise 3%.
Google’s ongoing efforts for online advertising business is paying off amazing fruits.
Alphabet and Google CEO Sundar Pichai hailed the company’s investments in artificial intelligence and its cloud business, the latter of which shrunk its quarterly losses from $1.4 billion to $591 million compared to the last year. Google Cloud revenue grew 54% to $4.6 billion.
Google CEO Sundar Pichai invested the company’s investments in artificial intelligence (AI) and its cloud business, the latter of which shrunk its quarterly losses from $1.4 billion to $591 million compared to the same period last year. Google Cloud revenue rise upto 54% to $4.6 billion.
According to the Pichai statement, “Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience.”
“First, I want to acknowledge that the new Covid-19 variants have been challenging for so many communities across the world,” he said. “I really encourage everyone to get the vaccine when it’s available to you.”
