Revenues of the Google parent company for the reported quarter were up by 12.6% to $69.68bn, compared to $61.88bn in Q2 2021


Alphabet earned $56.28bn in revenues in Q2 2022 from its Google advertising business. (Credit: David Shay/Wikimedia Commons)

Alphabet has reported a net income of $16bn for the second quarter of 2022 (Q2 2022), a 13.6% decrease, compared to $18.52bn for the same quarter of the previous year.

In the previous quarter, that is Q1 2022, the parent company of Google posted a net income of $16.44bn.

Alphabet’s diluted earnings per share (EPS) in the reported quarter ended 30 June 2022 were $1.21, a decrease of 11%, compared to $1.36 reported in the same quarter of 2021.

Its revenues for Q2 2022 were up by 12.6% to $69.68bn, compared to $61.88bn in Q2 2021. In Q1 2022, Alphabet’s revenues were $68bn.

Alphabet earned $56.28bn in revenues from its Google advertising business for Q2 2022, an increase of 11.6%, compared to $50.44bn in the same quarter of 2021. These include revenues from Google Search and others ($40.7bn), Youtube ads ($7.3bn), and Google Network ($8.3bn).

The total revenues earned by the Google services business in Q2 2022 were $62.84bn, a 10.1% increase, compared to $57.06bn in Q1 2021.

Google Cloud earned revenues of $6.27bn for the reported quarter, an increase of 44% compared to $4.62bn in the corresponding period of 2021.

Alphabet and Google CFO Ruth Porat said: “Our consistent investments to support long-term growth are reflected in our solid performance in the second quarter, with revenues of $69.7 billion in the quarter, up 13% versus last year or 16% on a constant currency basis.

“We are focused on responsible capital allocation in support of our growth opportunities.”

For the first six months of 2022, Alphabet’s net income was $32.4bn, compared to $36.4bn in the same period of 2021.

The group’s revenues for the first six months of 2022 were $137.7bn, compared to $117.2bn in the same period of the previous year.

Alphabet and Google CEO Sundar Pichai said: “In the second quarter our performance was driven by Search and Cloud. 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.”