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The
Mountain View, California-based company said Wednesday it earned
$112.11 billion, or $9.11 per share, in the April-June period.
That's up from $28.2 billion, or $2.31 per share, in the same
period a year earlier.
Revenue grew 24% to $119.8 billion from $96.43 billion.
Analysts, on average, were expecting revenue of $117.06 billion,
according to a poll by FactSet. Google did not disclose an
adjusted earnings figure that's comparable to analysts'
expectations, which was $2.88 per share. Google saw a net gain
of $98 billion, mainly as a result of gains on its equity
investments — mostly in SpaceX, which went public in June.
“Our AI investments are redefining what’s possible across every
part of our business,” said CEO Sundar Pichai in a statement.
Emarketer analyst Nate Elliott called the results “impressive,”
especially in regards to AI.
“On the consumer side, Gemini is now within a whisker of
becoming Google’s third different 1 billion-user consumer AI
product, alongside AI Overviews and AI Mode,” he said. "On the
enterprise side, AI demand is driving enormous growth in the
cloud business. And continued strong growth in search
advertising backs up Google’s claim that AI is additive to
search, not a replacement.”
As usual, digital ads fueled by Google’s dominant search engine
propelled the quarter's revenue growth, boosted by World Cup
advertising, especially on YouTube.
The tech giant also saw strong growth in its cloud business,
boosted by its AI portfolio consisting of chips, models, data,
security, and agent platforms.
Alphabet's shares climbed $2.71 to $344.62 in after-hours
trading.
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