Alphabet today announced Q2 2023 earnings with $74.6 billion in revenue. These numbers range from April to June.
Revenue is up 7% from $69.7 billion in Q2 2022, with operating income at $21.84 billion and net income of $18.37 billion for this quarter (versus $16 billion a year ago). For comparison, Alphabet reported $69.8 billion in revenue and $15.05 billion in net income last quarter.
“There’s exciting momentum across our products and the company, which drove strong results this quarter. Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services. With fifteen products that each serve half a billion people, and six that serve over two billion each, we have so many opportunities to deliver on our mission.”
Sundar Pichai, CEO of Google and Alphabet
“Our financial results reflect continued resilience in Search, with an acceleration of revenue growth in both Search and YouTube, as well as momentum in Cloud. We continue investing for growth, while prioritizing our efforts to durably reengineer our cost base company-wide and create capacity to deliver sustainable value for the long term.”
Ruth Porat, CFO of Google and Alphabet
Current Alphabet and Google CFO Ruth Porat is switching to a new President and Chief Investment Officer of Alphabet and Google role, which reports to Sundar Pichai, starting September 1. Porat started in May of 2015 and has been the “company’s longest-serving CFO.”
In her new role, Ruth will be responsible for Alphabet’s investments in its Other Bets portfolio, working closely with Sundar, and the company’s investments in countries and communities around the world. Alphabet’s investments span numerous sectors and are engines of economic growth globally. She will also focus on engagement with policymakers and regulators regarding employment, economic opportunity, competitiveness, and infrastructure expansion.
Porat will remain CFO until Alphabet/Google finds a successor.
In Q2 2023, YouTube ad revenue was $7.67 billion (versus $7.34 billion a year ago), while Cloud reported $8.03 billion (compared to $6.28 billion).
“Google other revenues” — which includes hardware, Play Store, and non-advertising YouTube revenues — reported $8.14 billion, compared to $6.55 billion the same quarter last year.
“Other Bets” continues to lose money. However, it reported $285 million revenue from $193 million in Q2 of 2022. However, it lost $813 million compared to $1.33 billion (recast) in the same quarter of last year.
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