The key highlights from Alphabet's Q2 2023 earnings report are as follows:
- Revenue was $74.4 billion, representing a 7% year-over-year increase. Excluding the impact of exchange rates, revenue grew by 9%.
- Net profit was $18.368 billion, an increase of 15% year-over-year, compared to $16.002 billion in the same period last year.
- Earnings per share (EPS) was $1.44, compared to $1.21 in the same period last year. - Google Services revenue was $66.3 billion. Search and other revenue increased by 5% year-over-year, while YouTube ad revenue grew by 4%.
- Google Cloud revenue surged 28% year-over-year to $8 billion, with operating loss narrowing to $395 million.
- Other Bets revenue reached $285 million, reflecting a 48% year-over-year increase. - Traffic acquisition costs were $12.5 billion, up 3% year-over-year.
- Operating income was $21.838 billion, marking a 12% year-over-year increase, with an operating margin of 29%.
- As of June 30, Alphabet had $118.3 billion in cash and marketable securities on hand.
- Alphabet announced that CFO Ruth Porat will assume the role of Chairman and Chief Investment Officer starting September 1. She will continue to serve as CFO while the company searches for a successor. - The number of employees decreased to 181,798 from 174,014 in the same period last year due to layoffs announced in January.
Overall, despite a challenging macro environment, Alphabet delivered solid revenue and earnings...