Google's quarterly profit tops expectations at $24 billion

Top Line

Google's parent company Alphabet beat Wall Street's lofty expectations in its second-quarter earnings report released Tuesday afternoon, and the internet giant continues to rake in tens of billions of dollars in advertising spending.

Alphabet CEO Sundar Pichai delivered the keynote speech at the Google I/O developers conference. [+] May.

Getty Images Key Facts

Alphabet's second-quarter revenue was $84.7 billion, slightly above the $84.2 billion average analyst estimate and up 14% from the same period last year, according to FactSet.

The company reported earnings per share of $1.89, also beating the $1.84 expected, while net income of $23.6 billion fell just short of the record $23.7 billion reported in the first quarter.

Shares of Silicon Valley powerhouses rose slightly immediately after the earnings announcements.

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Main Background

Alphabet's report is part of a second-quarter earnings rush, with 25% of S&P 500 companies scheduled to report this week, according to Bank of America. Digital-age conglomerate Alphabet, whose products include search engine giant Google, pay cable alternative YouTube TV, Microsoft Office 365 competitor Google Workspace and generative artificial intelligence chatbot Gemini, a rival to ChatGPT, is a business that is at its core. About three-quarters of its second-quarter revenue came from advertising, including $49 billion from its search business and $9 billion from YouTube advertising. Like many other big tech stocks during the AI ​​boom, Alphabet shares have done very well, up about 50% over the past year and more than 100% from their lows in late 2022. Alphabet is the world's fourth-largest company by market capitalization, with a market capitalization of about $2.3 trillion as of the stock market's close on Tuesday, behind West Coast tech companies Apple and Microsoft and AI giant Nvidia. Google paid its first quarterly cash dividend of $0.20 per share last month.

Big numbers

31%, or how much Alphabet's second-quarter adjusted earnings per share rose from the same period a year ago. The company is expected to have the fourth-largest share of S&P profit growth, according to FactSet, behind Nvidia, Google Cloud rival Amazon and advertising rival Meta, the parent company of Facebook and Instagram.

tangent

Alphabet's $23 billion purchase of Israeli cybersecurity company Wiz, which could have been its largest acquisition ever, fell apart late Monday after the two sides were reported to be in advanced talks toward a deal last week.

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