Shares of Alphabet, the parent company of Google and YouTube, rose nearly 7 percent after the company reported better-than-expected revenue and profit, driven by growth in its cloud computing division. For the fourth quarter in a row, Google’s parent company reported single-digit growth, taking into account the decline in digital ad spending, reflecting concerns about the economy. Analysts do not expect growth to reach double digits again until the fourth quarter.Google increased its revenues
Alphabet increased its revenue by 7 percent to $74.6 billion in the second quarter of 2023, which ended on June 30, compared to the same period a year ago. The company’s net income increased to $18.368 billion from $16.002 billion in the same period of the previous year. Google Search revenues rose to $42.628 billion this quarter from $40.689 billion in the same period last year.YouTube’s ad revenues rose to $7,665 billion from $7,340 billion a year ago, while revenue from Google’s cloud businesses rose to $8,031 billion, up from $6,276 billion in the same period last year. Google’s ad revenue also rose 3.3 percent to $58.14 billion. Alphabet also announced that Ruth Porat, chief financial officer, will take on a new role at the company. Porat will be named Alphabet and Google’s newly created President and Chief Investment Officer, effective September 1.
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