Google parent company's second-quarter profit beats expectations | Technology

Google's parent company Alphabet reported on Tuesday that its second-quarter profit was $1.89 per share, flat from the first quarter, beating analysts' expectations.

Alphabet CEO Sundar Pichai hailed the results as evidence that investments across various parts of the company's tech empire are paying off.

This quarter's strong performance highlights the continued strength of search and momentum in cloud. “We are innovating at every layer of the AI ​​stack,” Pichai said in the earnings call. Our long-standing infrastructure leadership and in-house research team are well-positioned as technology evolves and we pursue the many opportunities ahead.

The company reported revenue of $84.7 billion, up 14% from the same period a year ago, which Chief Financial Officer Ruth Porat attributed to growth in its search and cloud services.

Early Tuesday morning, a long-discussed deal between Alphabet and cybersecurity firm Wizz fell apart. Alphabet had been in talks to buy the Israeli company for $23 billion, but Wizz turned down the offer, opting instead to explore an initial public offering. The deal would have been Alphabet's largest acquisition to date and an attempt to compete with cloud-based services from Amazon and Microsoft.

Google also announced strong first-quarter earnings and a $70 billion share buyback plan, boosting investor confidence in the tech giant. Alphabet shares have risen about 24% of their market capitalization in the first half of the year, despite multiple job cuts and a landmark Justice Department antitrust ruling looming.

The company's biggest share price drop this year was the botched rollout of its Gemini AI image generation tool, which raised investor concerns about Google's investment in artificial intelligence products. The Gemini image generation tool sparked a furious backlash and forced executives to backtrack after users realized it was inserting people of color into ahistorical situations, such as depicting them as German World War II soldiers.

Despite the failure of Gemini, Google made a big push to tout its investment in AI at its annual developers conference in May. The company announced a variety of AI-related features and tools, most notably an attempt to revamp Google Search with widely-released AI Overviews, short pieces of text that summarize articles and search results. The Overviews faced both backlash from publishers, who claimed they would drive less traffic to their sites, and derision from users, who found many of the results to be wildly inaccurate, such as advice to eat stones.

During the earnings call on Tuesday, Pichai touted the company's foray into artificial intelligence, saying it's uniquely positioned for upcoming AI opportunities. He added that ads above or below the AI ​​overview have seen a positive response, and said the company will be focusing more on AI-enabled search services.

Big tech companies struggled in the week leading up to Alphabet's earnings report as investors turned to other parts of the market amid a variety of concerns about the industry's future. Alphabet's earnings report will be the first for a group that includes Apple, Amazon, Meta and other well-known tech companies.

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