The following is a summary of the Alphabet Inc. (NASDAQ:GOOG) Q2 2024 Earnings Conference Call July 23, 2024 4:30 PM ET:
Financial Performance:
Q2 2024 consolidated revenues were $84.7 billion, up 14% year-over-year.
Google Cloud revenues hit $10.3 billion, up 29%, with operating income of $1.2 billion.
Business Progress:
AI overviews in Search driving new growth; Cloud revenues and operating profit surpassed $10 billion and $1 billion respectively.
YouTube remains the top streaming platform in the US by watch time.
Opportunity:
AI initiatives in Search and Cloud driving growth; Visual search enhancements and AI model Gemini adopted by over 1.5 million developers.
Expansion of data centers and cloud regions, including the first in Malaysia.
Financial Performance:
Alphabet reported Q2 2024 consolidated revenues of $84.7 billion, up 14% year-over-year.
Google Services revenues were $73.9 billion, up 12% year-over-year, with Google Search and other advertising revenues at $48.5 billion, up 14%.
YouTube advertising revenues were $8.7 billion, up 13% year-over-year.
Google Cloud revenues were $10.3 billion for the quarter, up 29%, with operating income of $1.2 billion.
Other Bets revenues were $365 million with an operating loss of $1.1 billion.
Operating income was $27.4 billion, up 26%, with an operating margin of 32%.
Net income was $23.6 billion and EPS was $1.89.
Business Progress:
Search showed strong performance with AI overviews driving new growth.
Cloud reached major milestones with quarterly revenues surpassing $10 billion and quarterly operating profit exceeding $1 billion for the first time.
AI infrastructure and generative AI solutions for Cloud customers generated billions in revenues and are used by over 2 million developers.
Expansion of data centers and cloud regions, including the first in Malaysia.
YouTube remains the #1 streaming platform in the US by watch time according to Nielsen.
Opportunities:
AI initiatives in Search and Cloud are driving new growth opportunities.
AI overviews in Search are increasing usage and user satisfaction, particularly among younger users.
Visual search via Lens and Circle to Search are enhancing search capabilities.
AI model Gemini is being adopted by over 1.5 million developers and improving Google's own products.
Google Cloud's AI infrastructure and enterprise AI platform Vertex are attracting new customers and driving upsell.
YouTube's multi-format platform and shopping features are poised for growth.
More details: Alphabet-C IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
