Alphabet's second quarter performance outpaced Wall Street predictions, largely due to a surge in demand for its cloud computing services, leading the company to raise its capital spending plans to about $85 billion. Google Cloud's revenue grew nearly 32%, surpassing estimates of 26.5%. Advertising revenue from Google rose 10.4% to $71.34 billion, exceeding expectations. Despite a significant rise in shares since April, the stock dipped by 1% in after-hours trading. The company is part of a trend of Big Tech investing heavily in AI capabilities amid increasing competitive pressures.
Alphabet's second quarter results surpassed Wall Street expectations, driven by high demand for cloud services and an increase in capital spending plans to around $85 billion.
Google Cloud's revenue growth reached nearly 32%, significantly exceeding estimates and demonstrating strong demand for its cloud products and services.
Despite reporting more than 18% stock rise since the previous earnings, shares fell 1% in extended trading after earnings release.
Advertising revenue rose 10.4% in the second quarter to $71.34 billion, outperforming analysts' expectations and showing the strength of Google's digital ad market.
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