Alphabet Inc. beats all-time record with $61.9 billion revenue
What's the story
Google's parent company Alphabet Inc. has logged $61.9 billion in revenue and $27.26 in earnings per share during the second quarter ending June 30, 2021.
The company's net income was recorded at $18.5 billion while net income expansion stood at 166 percent.
This is arguably the highest revenue logged by the tech giant.
Here are more details.
Data
Google drives Alphabet Inc. with $14 billion year-on-year revenue increase
Google appears to be the primary driving force behind Alphabet's all-time record revenue this quarter, with a $14 billion year-on-year rise taking its revenue to $35.8 billion. The figure also happens to be around $4 billion higher than the previous quarter.
Better than expected
Google Cloud clocked greater growth than Microsoft's Azure
Google shot well past the forecasted earnings of $56 billion and $19.14 in earnings per share.
Notably, Google Cloud clocked a revenue of $4.63 billion, up 54 percent from last year. This growth is more than what Microsoft posted for its Azure Cloud solution.
Google Cloud also slashed its operating losses from $1.43 billion in Q2 2020 to $591 million this quarter.
Details
YouTube reports $7 billion revenue with 84 percent year-on-year increase
Alphabet's other big subsidiary, YouTube, reported a revenue of $7 billion, up by 84 percent from last year.
Separately, YouTube revealed that its short video feature called YouTube Shorts rivaling TikTok and Instagram Reels "surpassed 15 billion global daily views".
This is a colossal 131 percent increase from the 6.5 billion global daily views that YouTube Shorts raked in during March.
Losses
Alphabet's Other Bets post losses of $1.4 billion
Surprisingly, Alphabet's wing responsible for quirky experimental projects called Other Bets posted an increase in revenue this quarter, although losses tagged along.
The company posited $192 million in revenue up from $148 million a year ago. However, the company's experimental endeavors saw it lose $1.4 billion this quarter, up from $1.1 billion a year ago.