Alphabet's revenue from Google advertising up by 3.30% at $58,143 million

Alphabet Inc, the parent company of Google and YouTube, has reported a 7.06% increase in its revenues during Q2 of FY23 at $74,604 million, on a YoY basis. The revenue for the corresponding quarter of the previous fiscal stood at $69,685 million.

The tech giant also saw a surge of 3.30% YoY in its revenue generated from Google advertising in Q2 of the current fiscal year as the total ad revenue for the quarter stood at $58,143 million, with Google Search and other accounting for $4,2628 million, YouTube ads for $7,665 million and Google Network for $7,850 million.

In Q2 of FY22, Alphabet had clocked in $56,288 million through Google advertising, of which, Google Search and others accounted for $40,689 million, YouTube ads for $7,340 million and Google Network for $8,259 million.

This time around, while Google Search and others grew by 4.77% and YouTube ads by 4.43%, on a YoY basis, Google Network saw a slashing of 4.95% as compared to the second quarter of the previous fiscal year.

In addition to this, Alphabet’s Operating Income during Q2FY23 summed up to $21,838 million which is up 12.26% YoY, from the $19,453 million it clocked in during the corresponding quarter of the previous year.

The Net Income of the company also went up by 14.79% from $16,002 million in Q2 of FY22 to $18,368 million in Q2 of FY23.

On the other hand, the cost and expenses involved in Alphabet’s Sales and Marketing were also up 2.27% YoY and stood at $6,781 million in the second quarter of the current fiscal year juxtaposed to last year’s $6630 million.

Sundar Pichai, CEO, Alphabet and Google, said, “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.”

Similarly, Ruth Porat, CFO, Alphabet and Google, also pointed out that the company’s 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 prioritising our efforts to durably reengineer our cost base company-wide and create capacity to deliver sustainable value for the long term,” Porat added.

In the quarterly update, Alphabet also mentioned that Porat will assume the newly created role of President and Chief Investment Officer, Alphabet and Google, effective September 1, 2023, and will be reporting to Pichai.

However, till the company searches for and selects her successor, she will continue to serve as CFO, including leading the company’s 2024 and long-range capital planning processes.

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