The holding company for Google posted a 62% year-over-year growth in revenues for Q2 2021
Alphabet has reported a net income of $18.52bn for the second quarter of 2021 (Q2 2021), a 166% increase compared to $6.96bn in the same quarter of the previous year.
In the preceding quarter, that is Q4 2020, Google’s parent company posted a net income of $17.93bn.
Alphabet’s diluted earnings per share in Q2 2021 surged to $27.26 for the quarter ended 30 June 2021, compared to $10.13 reported in the same quarter of 2020.
The company’s revenues for the reported quarter were up by 62% to $61.88bn, compared to $38.29bn in Q2 2020. In Q1 2021, the company’s revenues were $55.31bn.
Google and Alphabet CFO Ruth Porat said: “Our strong second-quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams.”
According to Alphabet, revenues from its Google advertising business for Q2 2021 were $50.44bn, compared to $29.86bn in Q2 2020. These include revenues from Google Search and others ($35.84bn), Youtube ads ($7bn) and Google Network ($7.6bn).
The Q2 2020 revenues for Google Search and others, Youtube ads and Google Network were $21.32bn, $3.81bn and $4.73bn, respectively.
On the other hand, Google Cloud reported Q2 2021 revenues of $4.63bn, compared to $3bn in the corresponding quarter of 2020.
The operating income for Alphabet in Q2 2021 was $19.36bn compared to $6.38bn in Q2 2020.
Google and Alphabet CEO Sundar Pichai said: “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses.
“Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience.”
Earlier this month, Google was fined €500m by Autorité de la concurrence, the French competition authority, over a news copyright row.