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Home DisruptiveTECH

Alphabet to Announce Strong Q2 Revenue Surge Driven by AI, Ad Market

by Joan Aimuengheuwa
July 22, 2024
in DisruptiveTECH
1
Alphabet to Announce Strong Q2 Revenue Surge Driven by AI, Ad Market
Alphabet, parent company of Google

Alphabet, parent company of Google

UBA
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Alphabet Inc., the parent company of Google, is on the verge of announcing a 14% rise in its quarterly revenue, revealing its fourth straight quarter of double-digit growth. 

Per Reuters, Alphabet Inc.’s revenue performance is driven by the increasing demand for its AI-powered cloud computing services and a rebound in the advertising market.

The tech giant will release its second-quarter results on Tuesday, the first among the major technology firms this season. The report is expected to provide deeper insights into the adoption of AI services and the escalating costs associated with this advanced technology.

In May, Google introduced AI-powered summaries in its Search feature at a developer conference and enhanced its Gemini AI model to better compete with OpenAI and Microsoft. 

Additionally, Google is set to unveil new AI-enabled Pixel devices next month, moving up its typical autumn launch to follow Apple’s recent announcement of new AI capabilities and ChatGPT integration in its latest iPhones.

Gil Luria, senior software analyst at D.A. Davidson & Co., highlighted that investors are eager to see continued success in Google Search, alongside signs of the company’s adaptation to the evolving AI industry. 

“The company needs to demonstrate that AI is driving growth in Google Cloud, that Search isn’t losing market share as users shift to AI chat, and that the new models being developed are competitive,” Luria stated.

Alphabet’s investments in AI are under close watch. In the first quarter, the company’s capital expenditure soared 91% to $12 billion, causing concern among some investors. However, CEO Sundar Pichai reassured them that AI integrations were boosting demand for its cloud and search services.

For the second quarter ending in June, Alphabet’s operating expenses are projected to have increased by more than 32% to $27.57 billion, the highest rise in over two years, according to LSEG data. Investors are also curious about reports of Alphabet’s prospective $23 billion acquisition of cybersecurity startup Wiz and its impact on the company’s financials.

The improving macroeconomic climate is likely to support Alphabet’s core businesses, with customers increasingly willing to invest in cloud computing and advertising. Brad Erickson, an analyst at RBC Capital Markets, noted, “Google search spending has held up fairly well. Advertisers see it as essential to offset inflation.”

GroupM, a media investment firm, raised its 2024 global advertising growth forecast to 7.8% in June from 5.3% in December, driven by stronger-than-expected spending in China and the United States.

Analysts also expect a strong performance from YouTube, thanks to the expanded monetisation features in its TikTok-like Shorts. According to LSEG data, Alphabet’s second-quarter cloud computing sales and advertising revenue are expected to grow by 26.4% and 10.8%, respectively, closely mirroring the previous two quarters.

Meta Platforms, another major player reliant on advertising revenue, is scheduled to report its results next week on Wednesday, July 31, offering further insights into the tech industry’s financial health.

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Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

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Tags: AI-enabled Pixel devicesAlphabetAlphabet Q2 RevenueBrad EricksonGil LuriagoogleSundar Pichai
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

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