YouTube made $7.34 billion in Q2 2022, representing an increase in revenue compared to the previous year’s period. The report was part of Alphabet’s earnings call on Tuesday.
Overall, the multi-faceted tech company earned $69.7 billion. Compared to its last year’s performance, Alphabet made a 13% improvement, but investors will be less confident because this is much lower than its Q1 2022 revenue of $68 billion.
Speaking about the report, Ruth Porat, CFO of Google and Alphabet, said, “Our consistent investments to support long-term growth are reflected in our solid performance in the second quarter, with revenues of $69.7 billion in the quarter, up 13% versus last year or 16% on a constant currency basis. We are focused on responsible capital allocation in support of our growth opportunities.”
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Besides YouTube, Google Cloud made $6.28 billion in revenue, which is more than the $4.6 billion it made in the same period in 2021. Its hardware, Play Store, and non-advertising YouTube revenues suffered minor losses.
Additionally, its other business recorded losses greater than what he announced around this time last year.
The most interesting thing remains its YouTube revenue being slightly higher now than it was a year ago. A few months into 2022, ad-dependent companies complained about how little they made from advertising.
The company seems to have found the key to unlocking its Cloud potential as well. The business may be what takes Alphabet’s revenue to the next level.
“In the second quarter our performance was driven by Search and Cloud. The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes. As we sharpen our focus, we’ll continue to invest responsibly in deep computer science for the long-term,” Sundar Pichai, CEO of Google and Alphabet said.
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