The parent company of Google’s diluted earnings per share in the reported second quarter ended 30 June 2023 were $1.44, an increase of 19%, compared to $1.21 reported in the same quarter of 2022
Alphabet earned revenues of $58.14bn from its Google advertising business in Q2 2023. (Credit: Grendelkhan/Wikimedia Commons)
Alphabet has reported a net income of $18.36bn for the second quarter of 2023 (Q2 2023), a 14.7% increase compared to $16bn for the same quarter of the previous year.
In the previous quarter, that is Q1 2023, the parent company of Google posted a net income of $15.05bn.
Alphabet’s diluted earnings per share (EPS) in the reported second quarter ended 30 June 2023 were $1.44, an increase of 19%, compared to $1.21 reported in the same quarter of 2022.
Its revenues for Q2 2023 were up by 7% to $74.6bn, compared to $69.7bn in Q2 2022. In Q1 2023, Alphabet’s revenues were $69.78bn.
Alphabet and Google CFO Ruth Porat said: “Our financial results reflect continued resilience in Search, with an acceleration of revenue growth in both Search and YouTube, as well as momentum in Cloud.
“We continue investing for growth, while prioritising our efforts to durably reengineer our cost base company-wide and create capacity to deliver sustainable value for the long term.”
Alphabet earned $58.14bn in revenues from its Google advertising business for Q2 2023, an increase of 3.3% compared to $56.28bn in the same quarter of 2022. These include revenues from Google Search and others ($42.62bn), YouTube ads ($7.66bn), and Google Network ($7.85bn).
The total revenues earned by the Google Services business in Q2 2023 were $66.28bn, a 5.5% increase, compared to $62.84bn in Q2 2022.
Google Cloud earned revenues of $8bn for the reported quarter, an increase of 28% compared to $6.27bn in the corresponding period of 2022.
Alphabet and Google CEO Sundar Pichai said: “There’s exciting momentum across our products and the company, which drove strong results this quarter.
“Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services. With fifteen products that each serve half a billion people, and six that serve over two billion each, we have so many opportunities to deliver on our mission.”
In April 2023, Alphabet announced its decision to combine the Brain team from Google Research and DeepMind, which are engaged in artificial intelligence (AI) research, into a single unit called Google DeepMind.