Google, a subsidiary of Alphabet, reported an 11% annual increase in advertising revenue for the second quarter of 2024. This growth was driven by a 13% year-over-year increase in revenue from YouTube ads and a 13.8% annual increase in revenue from Google Search ads.

Key highlights from Google’s Q2 2024 earnings report include:
– Google Search ad revenue rose to $48.51 billion from $42.63 billion year-over-year.
– YouTube ad revenue increased to $8.66 billion from $7.67 billion compared to the same quarter last year.
– Total Google advertising revenue reached $64.62 billion in Q2 2024, up from $58.14 billion in Q2 2023.
– Traffic acquisition costs rose to $13.39 billion, supporting the overall 11% annual gain in advertising revenue.

Sundar Pichai, CEO of Alphabet, Google, commented on the strong performance, highlighting ongoing strength in Search and momentum in Cloud services.

The business unit encompassing Pixel devices, subscriptions, platforms, and devices saw a top-line growth of 14.4% to $9.31 billion.
– This growth may indicate increasing demand for Pixel phones, tablets, smartwatches, and earbuds.
– Google’s Cloud business experienced significant growth with top-line revenue reaching $10.35 billion compared to $8.03 billion in the same quarter last year.

Alphabet reported total revenue of $84.74 billion for Q2 2024, up from $74.60 billion in Q2 2023.
– Net income increased by 28.6% to $23.62 billion compared to $18.37 billion in the same quarter last year.
– Diluted earnings per share rose to $1.89 for Q2 2024, up 31.3% from the previous year.

Ruth Porat, Alphabet president and chief investment officer, emphasized the strong performance driven by Search and Cloud services exceeding $10 billion in quarterly revenues.

While Alphabet’s earnings exceeded expectations, investors were disappointed by YouTube’s performance leading to a drop in after-hours trading shares.

Stay tuned for updates on new product launches including the highly anticipated Pixel 9 series coming next month!