Google parent Alphabet reports record revenue

Alphabet reported second-quarter earnings on Tuesday topping analysts’ expectations as Google’s total ad revenue increased 69% from the year-ago quarter.

Total Google ad revenue increased to $50.44 billion. Shares of the company soared as much as 4% after hours.

Google’s chief business officer Philipp Schindler said that retail was by far the largest contributor to the company’s ad growth.

Revenue from video-sharing platform YouTube increased 83% to nearly $7 billion. YouTube’s new feature, Shorts topped 15 billion daily views, up from 6.5 billion daily views in March.

The cloud business of the company, Google Cloud contributed $4.63 billion, an increase from $3.01 billion a year ago. Google Cloud posted operating losses of $591 million, compared to last year’s loss of $1.43 billion.

The earnings per share was $27.27 beating expectations of $19.34 per share. Total revenue also surpassed expectations at $61.88 billion, compared to expectations of $56.16 billion.

(With inputs from CNBC)

Picture Credits: CNBC