The big news from that earnings report is Google advertising revenue of $56.29 billion. That’s a strong jump compared to the $50.44 billion reported in Q2 2021. YouTube ad revenue also came in at $7.34 billion, as compared to $7 billion from the same time last year.
Sundar Pichai, CEO of Alphabet and Google, said the following in the earnings report.
“In the second quarter our performance was driven by Search and Cloud. The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes.”
The strong ad revenue saves an otherwise lackluster performance from Alphabet. The company missed Wall Street’s earnings per share estimates of $1.29 with its $1.21 reported. For comparison, EPS from the second quarter of 2021 was $1.36.
Adding to those woes is revenue of $69.69 billion. This also failed to reach analysts’ revenue estimate of $69.8 billion for the period. It is better than the $61.88 billion reported during the same period of the year prior.
GOOG stock and GOOGL stock are both up 5.1% as of Wednesday morning.
Investors on the lookout for more recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock news traders need to know about for Wednesday! Among that is what has shares of Dave (NASDAQ:DAVE) stock, Spotify (NYSE:SPOT) stock, and Cassava Sciences (NASDAQ:SAVA) stock on the move today. You can get up to speed on all of this news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.