• by Laurie Sullivan  @lauriesullivan, July 23, 2024

It has been a rocky couple of days for Alphabet, but when the company released earnings on Tuesday, the negativity vanished.

“We delivered revenues of $85 billion, up 14% year-on-year driven by Search as well as Cloud, which for the first time exceeded $10 billion in quarterly revenues and $1 billion in operating profit,” stated Ruth Porat, president and chief investment officer at Alphabet.

Across the company, ad revenue came in at $64.62 billion, up from $58.14 billion last year.

Ad revenue from YouTube was $8.66 billion in the quarter, but fell short of analyst expectations of $8.95 billion

Alphabet reported earnings per share of $1.89 on $84.7 billion in second-quarter 2024 revenue, up 14% year-over-year (YoY), driven by search and cloud services. Analysts anticipated earnings per share of $1.85 on revenue of $84.3 billion, according to Bloomberg data.

Google Services revenue came in at $73.9 billion, up from $66.3 billion last year.

Google Cloud revenue grew 28.8% to $10.35 billion, and traffic acquisition costs (TAC) came in at $13.39 billion.

“Other Bets,” the unit that includes Alphabet’s self-driving car company Waymo, brought in $365 million, up from $285 million a year ago.

During the second quarter, Alphabet expanded services specifically in the San Francisco area for its self-driving car unit Waymo. It was Waymo’s second citywide rollout, following its 2020 debut in the Phoenix area.