Alphabet in the present day introduced Q2 2023 earnings with $74.6 billion in revenue. These numbers vary from April to June.
Revenue isup 7% from $69.7 billion in Q2 2022, with working earnings at $21.84 billion and internet earnings of $18.37 billion for this quarter (versus $16 billion a yr in the past). For comparability, Alphabet reported $69.8 billion in revenue and $15.05 billion in internet earnings final quarter.
“There’s exciting momentum across our products and the company, which drove strong results this quarter. Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services. With fifteen products that each serve half a billion people, and six that serve over two billion each, we have so many opportunities to deliver on our mission.”
Sundar Pichai, CEO of Google and Alphabet
“Our financial results reflect continued resilience in Search, with an acceleration of revenue growth in both Search and YouTube, as well as momentum in Cloud. We continue investing for growth, while prioritizing our efforts to durably reengineer our cost base company-wide and create capacity to deliver sustainable value for the long term.”
Ruth Porat, CFO of Google and Alphabet
Current Alphabet and Google CFO Ruth Porat is switching to a brand new President and Chief Investment Officer of Alphabet and Google position, which reports to Sundar Pichai, beginning September 1. Porat began in May of 2015 and has been the “company’s longest-serving CFO.”
In her new position, Ruth might be liable for Alphabet’s investments in its Other Bets portfolio, working carefully with Sundar, and the corporate’s investments in international locations and communities world wide. Alphabet’s investments span quite a few sectors and are engines of financial progress globally. She will even give attention to engagement with policymakers and regulators relating to employment, financial alternative, competitiveness, and infrastructure growth.
Porat will stay CFO till Alphabet/Google finds a successor.
In Q2 2023, YouTube advert revenue was $7.67 billion (versus $7.34 billion a yr in the past), whereas Cloud reported $8.03 billion (in comparison with $6.28 billion).
“Google other revenues” — which incorporates {hardware}, Play Store, and non-advertising YouTube revenues — reported $8.14 billion, in comparison with $6.55 billion the identical quarter final yr.
“Other Bets” continues to lose cash. However, it reported $285 million revenue from $193 million in Q2 of 2022. However, it misplaced $813 million in comparison with $1.33 billion (recast) in the identical quarter of final yr.
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…. to be continued
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