Revenue from Google's cloud business jumped 82%. The growth rate once again surprised the market.

Alphabet's revenue in the second quarter rose 24% compared with the same period last year, totaling $119.8 billion. Analysts surveyed by LSEG had expected $116.93 billion, according to CNBC.

At the same time, Google Cloud’s revenue soared by 82%, reaching $24.8 billion and significantly outpacing Wall Street estimates: the consensus had projected growth of only 64%, the TV channel reports. By comparison, in the previous quarter, Google’s cloud business generated over $20 billion for the first time, posting 63% growth. The growth rate in this segment continues to accelerate, outpacing that of competitors Microsoft and Amazon Web Services, CNBC reports.

Revenue from the search division increased by 17% year-over-year, reaching $63.3 billion.

Alphabet's capital expenditures in the second quarter totaled $44.9 billion, slightly exceeding StreetAccount analysts' forecast. The company reported that capital expenditures doubled compared with the same period last year.

The tech giant’s net income rose by nearly 300% to 112.1 billion. This figure was significantly influenced by so-called “other income”: the company reported receiving approximately $98 billion in paper gains related to its stakes in other companies. The Financial Times reports that among these investments is Google’s stake in SpaceX. Alphabet did not disclose exactly how much of this amount came from shares in Elon Musk’s space company, but the revaluation could have been significant: according to the Silicon Valley Business Journal, Alphabet owns more than 6% of SpaceX, and the company’s June IPO valued it at nearly $1.8 trillion.

Alphabet shares rose by less than 1% in after-hours trading following the release of its earnings report. During regular trading on July 22, they fell by 1.5%.

This news story is being updated.

This article was AI-translated and verified by a human editor