Alphabet CEO Sundar Pichai speaks at the Asia-Pacific Economic Cooperation CEO Summit in San Francisco on Nov. 16, 2023.
David Paul Morris | Bloomberg | Getty Images
Google parent company Alphabet reported earnings after the bell Tuesday.
Here’s how the company did, compared with estimates from analysts polled by LSEG:
Earnings: $1.89 a share vs. $1.84 per share expected
Revenue: $84.74 billion vs. $84.19 billion expected
Here are other numbers Wall Street was watching:
- YouTube advertising revenue: $8.66 billion vs. $8.93 billion, according to StreetAccount
- Google Cloud revenue: $10.35 billion vs. $10.20 billion, according to StreetAccount
- Traffic acquisition costs (TAC): $13.39 billion vs. $13.54 billion, according to StreetAccount
Alphabet’s revenue was up 14% year-over-year, driven by search as well as cloud, which surpassed $10 billion in quarterly revenues and $1 billion in operating profit for the first time.
The company reported ad revenue of $64.62 billion — up from $58.14 billion last year.
Alphabet shares were up about 1% on the report.
Google Services revenue came in at $73.9 billion, up from $66.3 billion last year.
The company’s “Other Bets” unit, which includes its self-driving car company Waymo, brought in $365 million, which is up from $285 million a year ago. During the second quarter, Alphabet saw a number of expansion updates, including for its self-driving car unit Waymo, which opened its service to all San Francisco users. The move was Waymo’s second citywide rollout, following its 2020 debut in the Phoenix metropolitan area.
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