Alphabet(GOOGL) - 2024 Q2 - Quarterly Results

Revenue Growth - Q2 2024 revenues reached $85 billion, a 14% year-over-year increase driven by Search and Cloud, with Cloud exceeding $10 billion in quarterly revenues for the first time[1] - Revenue for Q2 2024 increased to $84.742 billion, up from $74.604 billion in Q2 2023, representing a 13.6% growth[17] - Total revenues for Q2 2024 were $84.742 billion, a 14% increase from $74.604 billion in Q2 2023[31] - Constant currency revenues for Q2 2024 were $85.907 billion, a 15% increase compared to Q2 2023 when excluding the FX effect[31] - Total constant currency revenues for Q2 2024 were $85.2 billion, a $4.7 billion increase compared to Q1 2024[32] - Revenues excluding hedging effect grew to $74.601 billion in Q2 2023, an 8% increase from $69.310 billion in Q2 2022[35] Google Cloud Performance - Google Cloud achieved $1 billion in operating profit for the first time in Q2 2024[1] - Google Cloud revenues rose to $10.347 billion in Q2 2024, a significant increase from $8.031 billion in Q2 2023[5] - Google Cloud revenue increased to $10.347 billion in Q2 2024, up from $8.031 billion in Q2 2023, a 28.8% growth[22] - Google Cloud operating income improved to $1.172 billion in Q2 2024, up from $395 million in Q2 2023, a 196.7% surge[22] Google Services Performance - Google Search & other revenues grew to $48.509 billion in Q2 2024, up from $42.628 billion in Q2 2023[5] - YouTube ads revenues increased to $8.663 billion in Q2 2024 from $7.665 billion in Q2 2023[5] - Google Services revenue grew to $73.928 billion in Q2 2024, up from $66.285 billion in Q2 2023, a 11.5% increase[22] - Operating income for Google Services rose to $29.674 billion in Q2 2024, compared to $23.454 billion in Q2 2023, a 26.5% increase[22] Financial Performance - Operating income for Q2 2024 was $27.425 billion, with an operating margin of 32%, up from 29% in Q2 2023[3] - Net income for Q2 2024 was $23.619 billion, compared to $18.368 billion in Q2 2023[3] - Net income for Q2 2024 rose to $23.619 billion, compared to $18.368 billion in Q2 2023, a 28.6% increase[17] - Basic earnings per share for Q2 2024 rose to $1.91, up from $1.45 in Q2 2023, a 31.7% increase[17] - Net cash provided by operating activities for Q2 2024 was $26.640 billion, slightly down from $28.666 billion in Q2 2023[19] - Free cash flow for Q2 2024 was $13.454 billion, calculated as $26.64 billion from operating activities minus $13.186 billion in capital expenditures[27] Expenses and Costs - Total costs and expenses for Q2 2024 increased to $57.317 billion, up from $52.766 billion in Q2 2023, a 8.6% rise[17] - Research and development expenses for Q2 2024 grew to $11.860 billion, compared to $10.588 billion in Q2 2023, a 12.0% increase[17] Regional Revenue Growth - EMEA region revenues grew to $24.683 billion in Q2 2024, a 12% increase in constant currency terms from $22.289 billion in Q2 2023[31] - APAC region revenues increased to $13.823 billion in Q2 2024, a 13% rise in constant currency terms from $12.728 billion in Q2 2023[31] - Other Americas region revenues grew to $4.938 billion in Q2 2024, a 16% increase in constant currency terms from $4.511 billion in Q2 2023[31] Employee and Dividend Information - Alphabet's total number of employees decreased to 179,582 in Q2 2024 from 181,798 in Q2 2023[5] - Alphabet announced a cash dividend of $0.20 per share, totaling $2.5 billion for Q2 2024[8] AI Development - Alphabet consolidated AI model development teams under Google DeepMind to accelerate AI progress, effective Q2 2024[6] Other Financial Metrics - Interest income increased to $1.09 billion in Q2 2024 from $892 million in Q2 2023, reflecting a 22.2% growth[25] - Net loss on equity securities was $714 million in Q2 2024, significantly higher than the $205 million loss in Q2 2023[25]