Sundar Pichai, CEO, Alphabet Inc., during the Google I/O developers conference in Mountain View, California, May 10, 2023.
David Paul Morris | Bloomberg | Getty Images
Alphabet reports better-than-expected quarterly results driven by growth in cloud
Revenue rose 7% to $74.6 billion for the second quarter.
For the fourth straight quarter, Google’s parent company reported growth in the single digits as it reckons with a pullback in digital ad spending that reflects concerns about the economy. Analysts don’t expect growth to hit double digits again until the fourth quarter.
Google’s ad revenue came in at $58.14 billion, up from $56.29 billion last year. YouTube ads came in above analyst expectations at $7.67 billion, up from $7.34 billion the year before.
Revenue in Google’s cloud unit, which includes infrastructure and productivity apps, increased 28%.
Separately, Alphabet said in the release that Ruth Porat, the company’s finance chief, will be leaving that role after eight years to assume the newly created poisition of president and chief investment officer. Porat will remain CFO “while the company searches for and selects her successor,” the press release said.
The company’s Other Bet’s, which includes life sciences unit Verily and self-driving car unit Waymo, brought in $285 million in revenue, up from $193 the year prior.
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