Google's cloud revenue jumps 82%, helping Alphabet beat earnings estimates
Alphabet (GOOGL) topped Wall Street expectations for the second quarter as surging demand for AI services fueled another breakout quarter for Google Cloud.
The company reported $119.8 billion in revenue, ahead of analysts' $116.93 billion estimate.
Google Cloud revenue climbed 82% year-over-year to $24.8 billion from $13.6 billion a year earlier, easily surpassing analysts' forecast of $22.4 billion, which had implied 64% growth.
The firm also reported a 30% increase in operating income as its operating margin expanded to 34%. Meanwhile, capital expenditure rose to $44.9 billion in the second quarter, doubling in a year.
CEO Sundar Pichai said AI investments are driving growth across the company, pointing to strong demand for Google Cloud Platform's AI infrastructure and enterprise AI solutions.
Shares were 0.4% higher following the report at $343 post-market hours, after slipping 1.4% during the session.
The original source remains the canonical version for attribution, rights, and later updates.
Read original ↗Disclaimer: This article is for information only and does not constitute investment advice. Digital assets involve substantial risk.