Google parent Alphabet beats Q2 revenue, profit estimates on strong ads, cloud
-Alphabet beat second-quarter revenue and profit estimates on Tuesday, driven by a rise in digital advertising sales and healthy demand for its cloud computing services, but flagged that capital expenses would remain high for the year.)'s results underscore robust demand for digital ads, driven by events like the Paris Olympics and elections in several countries including the U.S., while a recovery in enterprise spending is boosting its software business.
"This was another stellar quarter from Google with beats across the board," said Ido Caspi a research analyst with Global X, citing ad sales and artificial intelligence offerings as drivers. Alphabet reported capital expenditures of $13 billion in the June quarter. Ruth Porat, in her last conference call as Alphabet's chief financial officer, told investors that quarterly capital expenditures for the rest of 2024 would be at or above $12 billion.
But its AI searches have produced a series of embarrassing results, such as the widely ridiculed suggestion to put glue on pizza to better hold cheese. Google pulled back on the technology in May to work out kinks. Despite heightened regulatory scrutiny, Google had been pursuing its largest acquisition ever, a roughly $23 billion buyout of cybersecurity firm Wiz. But Wiz told employees on Monday it was walking away from the deal and would instead pursue going public.) before walking away from it earlier this month.
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