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Google parent Alphabet beats quarterly revenue estimates
Jul 23, 2024 1:28 PM

(Reuters) -Alphabet beat second-quarter revenue estimates on Tuesday, driven by a rise in digital advertising sales and healthy demand for its cloud computing services.

Its shares were barely changed in after-market trading, after rising more than 30% this year.

Advertising sales, Alphabet's chief revenue source, rose 11% to $64.6 billion. The company sells ads in its search product using customer data to better target them.

Revenue grew 14% to $84.74 billion in the April-to-June period, compared with analysts' consensus estimate of $84.19 billion, according to LSEG data.

Revenue from cloud computing services, a widely watched barometer for the health of enterprise technology spending, grew 28.8% to $10.35 billion.

Analysts had expected $10.16 billion.

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