SAN FRANCISCO, Thursday, July 25, 2024-Alphabet, Google’s parent company, reported better-than-expected quarterly earnings Tuesday, boosted by strong growth in digital advertising and cloud computing.
Alphabets Q2 reports can be accessed here.
According to the report revenue climbed 14% to $84.74 billion in the April-June period, topping Wall Street forecasts.
Net income jumped 28.6% to $23.6 billion.
Advertising sales, which account for most of Alphabet’s revenue, rose 11% to $64.6 billion. Cloud computing services grew 28.8% to $10.35 billion.
However, the company warned of continued high spending on capital expenditures, a trend that has rattled investors.
Alphabet is investing heavily in artificial intelligence, but recent setbacks with its AI chatbot have raised concerns. The company said it plans to expand AI offerings while addressing shortcomings.
The company also reversed its decision to phase out third-party cookies in its Chrome browser after advertisers objected.
