YouTube advertising revenue is $8.66 billion, up 13% year-on-year, and Google Cloud quarterly revenue exceeds $10 billion for the first time, according to Google parent Alphabet's second quarter 2024 financial results report
Alphabet, the parent company of Google, has announced its financial results for the second quarter of 2024 (April to June). Overall, revenues have been on the rise compared to the previous year, with advertising revenues from the YouTube division increasing 13% year-on-year, and the Google Cloud division surpassing the $10 billion mark for the first time in quarterly revenues.
GOOG Exhibit 99.1 Q2 2024
(PDF file)
Alphabet meets earnings expectations but misses on YouTube ad revenue
https://www.cnbc.com/2024/07/23/alphabet-set-to-report-q2-earnings-results-after-the-bell.html
Google had a massive quarter thanks to Search and AI - The Verge
https://www.theverge.com/2024/7/23/24204618/google-search-ai-q2-2024-earnings-results
As of the end of the second quarter of 2024, Google's revenue was $84.742 billion, up 13.5% from the previous year. Operating income was $27.425 billion, up 25.5% from the previous year. Net income was $23.619 billion, up 28.6% from the previous year. Google's number of employees was 179,582, down 1% from the previous year.
Below is a table summarizing the revenue for each division.
Google search and others increased 13.8% year-on-year to $48.59 billion (approximately 7.53 trillion yen), YouTube advertising revenue increased 13.0% year-on-year to $8.663 billion (approximately 1.34 trillion yen), and Google Network decreased 5.2% year-on-year to $7.444 billion (approximately 1.16 trillion yen). Alphabet has emphasized that advertising revenue has increased since last year, and that although the pace has slowed due to rising inflation and interest rates, Google's advertising business continues to grow.
Financial media CNBC reported that YouTube's advertising revenue fell short of market analysts' expectations. CNBC analyzed that 'YouTube is the world's largest video platform, but it is facing increasing competition from social video sites such as TikTok.'
In addition, Google's subscription, platform, and device-related revenues increased 14.4% year-on-year to $9.312 billion (approximately 1.45 trillion yen). Google is expected to announce the Pixel 9 and Pixel 9 Pro Fold at its August 2024 event, and device-related sales are expected to grow significantly in the third quarter of 2024.
Google Cloud revenue was $10.347 billion, up 28.8% year over year. This is the first time that Google Cloud's quarterly revenue has exceeded the $10 billion mark. CEO Sundar Pichai commented, 'This quarter's strong performance highlights the continued strength of Google Search and the momentum of Google Cloud. We are innovating at every layer of the AI stack, and our long-standing infrastructure leadership and research team will give us an advantage as technology evolves and we pursue many opportunities.'
Alphabet's 'Other Bets' saw revenues increase 28.0% year-on-year to $365 million, including AI-related businesses such as Waymo, which develops self-driving cars. Alphabet's Chief Financial Officer Ruth Porat announced that the company will invest an additional $5 billion in Waymo over multiple years.
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