Key Takeaways:
- EPS beat by 2.4% ,
- Revenue beat by 0.6%
- Total revenue: $84.7B, up 14% YoY, up 5% QoQ
- Net income: $23.6B
- Google Search and other advertising revenues grew 14% YoY to $48.5B
- YouTube advertising revenues increased 13% YoY to $8.7B
- Google Cloud revenues surpassed $10B for the first time, up 29% YoY
- Cloud achieved $1.2B in quarterly operating profit, an 11% operating margin
- Company expects full-year 2024 Alphabet operating margin expansion relative to 2023
Forward-Looking Statements and Insights:
Sundar Pichai, CEO:
“We are innovating at every layer of the AI stack, from chips to agents and beyond, a huge strength. We are committed to this leadership long-term.”
Ruth Porat, CFO:
“Looking ahead, we continue to expect to deliver full-year 2024 Alphabet operating margin expansion relative to 2023. However, in the third quarter operating margins will reflect the impact of both the increases in depreciation and expenses associated with the higher levels of investment in our technical infrastructure, as well as the increase in cost of revenues due to the pull-forward of hardware launches into Q3.”
