On July 24th Beijing time, Google's parent company Alphabet (NASDAQ: GOOG, GOOGL) released its Q2 2024 financial report for the fiscal year ending on June 30th. According to the financial report, Alphabet's revenue for the second quarter was $84.742 billion, an increase of 14% compared to the same period last year's $74.604 billion, and a year-on-year increase of 15% calculated at fixed exchange rates; The net profit was 23.619 billion US dollars, an increase of 29% compared to the same period last year's 18.368 billion US dollars. Both revenue and net profit were previously expected by the supermarket.
Ido Caspi, a research analyst at Global X, stated that this is another outstanding quarter for Google, with multiple indicators exceeding expectations. Advertising sales and artificial intelligence products are the factors driving Google's performance growth.
In terms of specific business, Google's advertising business is the main support, with a total revenue of 64.616 billion US dollars, an increase of 11% compared to the same period last year's 58.143 billion US dollars. Among them, Google's search and other advertising revenue was 48.509 billion US dollars, an increase of 14% from 42.628 billion US dollars in the same period last year; YouTube's advertising revenue was $8.663 billion, a 13% increase from $7.665 billion in the same period last year, which was weaker than expected. Google's membership network revenue was $7.444 billion, a decrease of 5% from $7.85 billion in the same period last year.
The highly anticipated cloud business achieved a revenue of over 10 billion US dollars in the first quarter and 10.347 billion US dollars in the second quarter, an increase of 29% compared to the same period last year's 8.031 billion US dollars, exceeding market expectations. The management stated during the earnings call that cloud revenue has been boosted by the demand for AI.
In addition, "Other Bets" was once Google's technology innovation department, positioned as a forward thinking product development and venture capital firm, including autonomous driving startup Waymo, intelligent healthcare Verily, venture capital funds Google Capital and Google Venture, among others. This business saw a year-on-year revenue growth of 28% to $365 million in the second quarter, weaker than market expectations of $389.6 million.
After the release of the financial report, Google's US stock price fluctuated after hours, first rising 2% and then turning down 1% at one point, falling more than 2% as of press time.