Q2 2024 Alphabet Inc Earnings Call Transcript
Key Points
- Alphabet Inc (GOOG) reported strong revenue growth, with consolidated revenues of $84.7 billion, up 14% year-over-year.
- Google Cloud achieved significant milestones, crossing $10 billion in quarterly revenues and $1 billion in quarterly operating profit for the first time.
- AI initiatives are driving new growth, with AI infrastructure and generative AI solutions generating billions in revenues and being used by over 2 million developers.
- YouTube remains the number one streaming platform in the US, with views on YouTube Shorts and Connected TVs more than doubling last year.
- Alphabet Inc (GOOG) continues to innovate in AI, with advancements in AI Overviews, visual search via Lens, and the versatile Gemini model family.
- Network advertising revenues declined by 5% year-over-year.
- Operating expenses increased by 5%, primarily due to higher R&D costs.
- The company faces challenges in fully unlocking the potential of AI use cases, particularly in enterprise applications.
- There are concerns about the sustainability of the current operating margins, given the expected increases in depreciation and expenses associated with higher levels of investment in technical infrastructure.
- The decision to not deprecate cookies in Chrome may raise questions about the company's commitment to improving user privacy.
Welcome, everyone. Thank you for standing by for the Alphabet second quarter 2024 earnings conference call. (Operator Instructions)
I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.
Thank you. Good afternoon, everyone, and welcome to Alphabet's second quarter 2024 earnings conference call. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat. Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.
During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation
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