Google parent Alphabet reports record revenue
By Shubhangi on Jul 28, 2021 | 03:38 AM IST
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