Amidst all the talk of a slowdown and economic downturn, Google’s parent company — Alphabet — has posted growth for the fourth consecutive quarter. According to the company’s quarterly results, it posted single-digit growth for the second quarter. Revenue from almost every source is up for the Sundar Pichai-led company.
Search still the big driver
According to Ruth Porat, chief financial officer, Google, the company’s consolidated revenue stood at $74.6 billion, which was up 7% compared to last year. Porat also said that search remained the largest contributor to revenue growth. Google Search and other advertising revenues were around $42.6 billion in the quarter. YouTube advertising revenues of $7.7 billion were up 4% for Alphabet.
Google’s CFO also revealed that other revenues were $8.1 billion, up 24%, “reflecting growth in YouTube non-advertising revenues, primarily from subscription growth in YouTube Music, Premium, and YouTube TV, followed by growth in hardware revenues, primarily driven by the launch of the Pixel 7a in the second quarter.” Google also launched its first foldable in this quarter and now has a rather healthy looking portfolio of devices but it is the other divisions that continue to rake in the moolah.
Google, earlier this year, did reveal that revenues across YouTube products were nearly $40 billion for the 12 months ending in March. “I’m really pleased with how YouTube is growing audiences and driving increased engagement. We delivered solid performance in Search and YouTube and ongoing strong growth in cloud, where we remain focused on long-term value creation,” added Sundar Pichai.
Google’s cloud division also showed growth with revenue up 28% compared to last year. “We’re very pleased with our financial results for the second quarter, which reflect an acceleration of growth in Search and momentum in Cloud.
