Alphabet Revenues Underwhelm
- Paul Thurrott
- Jul 26, 2022
-
7
Google’s parent company Alphabet reported that it earned a net income of $16 billion on revenues of $69.6 billion in the quarter ending June 30. The latter is up 13 percent year-over-year (YOY), but lower than expected.
“In the second quarter our performance was driven by Search and Cloud,” Google and Alphabet CEO Sundar Pichai said. “The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes. As we sharpen our focus, we’ll continue to invest responsibly in deep computer science for the long-term.”
As with Microsoft, which also disappointed investors, Google says it is focused on prioritizing “growth opportunities” as it tries to navigate through troubling financial times.
Google’s total revenues were $69.69 billion, or just over 100 percent of Alphabet’s revenues. (Google’s “other bets” lost $1.69 billion during the quarter.) $56.3 billion of that came from advertising, so about 81 percent of Google’s revenues came from advertising. Google Cloud revenue was $6.28 billion.