Alphabet stock rose in after-hours trading after the company reported second-quarter earnings that beat estimates with reported revenue of $74.6 billion, beating expectations for $72.75 billion while reporting earnings per share of $1.44, which exceeded the $1.32 expected by analysts.
Google ad revenues totaled $58.14 billion in the quarter – up from $56.3 billion reported in the same period last year.
YouTube ad revenues also beat estimates, hitting $7.66 billion against forecasts for $7.41 billion. In the previous year, YouTube ad revenue totaled $7.34 billion.
The Google Cloud business also turned a profit for a second consecutive quarter which first turned a profit in the first quarter of this year. Google Cloud revenues totaled $8 billion with an income of $395 million, which was far better than the $590 million loss reported in the same quarter last year.
Alphabet’s total operating income totaled $21.8 billion for the 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,” Alphabet and Google CEO Sundar Pichai said in a statement.
“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.”
In other news Alphabet additionally announced that its CFO Ruth Porat would take the newly-created role of president and chief investment officer.