Google’s Parent Company Reports $61 Billion Revenues In Last 90 Days; Beats Market Expectations
Interestingly, the American multinational conglomerate surpassed expectations from Wall Street of $56.23 billion revenue and successfully reached $61.88 billion for its fiscal Q2 of 2021.
Huge Growth In Horizon
In terms of growth, it accounts for a 62% increase compared to the same quarter in 2020.
To be specific, the Google ad revenues have increased by 69% YoY.
In comparison, Alphabet reported $55.3 billion in revenue and $17.9 billion in net income last quarter for the start of this year.
Basically, these numbers range from April to June and reflect an increasing return to normal in some industries.
Reportedly, there was a rising tide of online activity in many parts of the world during Q2.
Google Ads, AI And Google Cloud Driving Growth
Further adding that our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience.
Apart from the ad revenue, Alphabet also witnessed a significant increase in its cloud computing business.
As the Cloud revenue has seen a hike by more than 53% from a year ago.
After the announcement, the stock is up in after-hours trading after beating estimates.
Ruth Porat, CFO of Google and Alphabet 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.”
Losing Money On Other Bets
YouTube ad revenue was $7 billion (versus $3.81 billion a year ago) in Q2 2021, while Cloud reported $4.6 billion (compared to $3 billion in Q2 2020).
If we talk about Google’s other revenues, it basically includes hardware, Play Store, and non-advertising YouTube revenues are reported at $6.6 billion, compared to $5.12 billion the same quarter last year.
While the closely-watched “Other Bets” continues to lose money as it reported $192 million revenue primarily generated by Verily and Fiber from $148 million in Q2 of 2020.
At the same time, it lost $1.4 billion compared to $1.12 billion in the same quarter of last year.
Alphabet will be holding its Q2 2021 earnings call with investors and members of the press to further break down numbers from the earnings release.