Google's Q2 revenue and profit both exceed expectations, while advertising business growth slows

On July 23 (Eastern Time), Alphabet—the parent company of Google—released its financial results for the quarter ended June 30, 2024. Boosted by demand for cloud computing services and search-engine advertising, both revenue and profit surpassed market expectations. Data shows that Alphabet’s Q2 revenue totaled $84.742 billion, representing a 13.59% year-on-year increase from $74.604 billion in the same period last year; adjusted earnings per share (EPS) stood at $1.89, exceeding analysts’ consensus estimate of $1.85 per share; and the quarterly dividend was set at $0.20 per share, payable on September 16. Sundar Pichai, CEO of Alphabet, stated: “The strong performance this quarter reflects continued momentum in Search, significant progress in Cloud, and our innovation across every layer of the AI stack. Our long-standing infrastructure leadership and world-class internal research teams position us well to advance technologically and pursue future opportunities.” Ruth Porat, President and Chief Investment Officer as well as CFO of Alphabet, affirmed that the company will continue restructuring its cost base to strengthen investment capacity and meet future demands for high-growth opportunities. Following the earnings release, Google’s stock surged over 2%, then retreated more than 2%. Year-to-date, Google’s share price has risen over 30%. As of Tuesday’s close, Alphabet’s market capitalization approached $2.3 trillion, making it the world’s fourth-largest company—behind Apple, Microsoft, and NVIDIA. Business Revenue Overview Advertising and Cloud are Google’s two core businesses. Driven by these segments, Google’s operating profit for Q2 exceeded $10 billion for the first time. During the reporting period, Google’s advertising revenue amounted to $64.616 billion, up 11.13% year-on-year and accounting for roughly three-quarters of total Q2 revenue. Specifically, Google Search and other advertising revenue reached $48.509 billion, up 13.80% year-on-year. However, YouTube advertising revenue came in at $8.663 billion—up 13.02% year-on-year but below the market expectation of $8.93 billion. In contrast, Google Cloud’s quarterly revenue surpassed $10 billion for the first time, rising from $8.031 billion in the prior-year quarter to $10.347 billion—a 28.84% year-on-year increase. Significant Increase in Capital Expenditure Alphabet’s capital expenditure (capex) for Q2 reached $13.19 billion—nearly double the $6.9 billion spent in the same period last year. Capex for Q1 also surged 91% year-on-year. Such sustained, massive capex has drawn investor attention to operating margin pressures. Of this, $2.2 billion was allocated specifically to building AI models for DeepMind and Google Research—more than double the $1.1 billion invested in the same period last year. Additionally, Google Research’s AI model development team—previously part of the Google Services division—will now be integrated into DeepMind. Moreover, Alphabet warned that capex will remain elevated throughout the year, projecting quarterly capex of over $12 billion for each of the remaining two quarters of 2024.

Snap releases Q2 earnings report; profits exceed expectations, stock rises 23.82%

IFTNews U.S. Market News: Snap’s stock rose 23.82%, to approximately $77.97. This notable surge was directly attributable to second-quarter earnings that exceeded analyst expectations. Notably, Snap reported Q2 revenue of $982 million, versus analysts’ consensus estimate of $846 million, according to Refinitiv. Additionally, the company posted adjusted earnings per share (EPS) of $0.10, compared with analysts’ forecast of a $0.01 loss per share. According to a Refinitiv survey, Snap’s average revenue per user (ARPU) for Q2 was $3.35—above the analyst expectation of $2.92. Per a StreetAccount survey, global daily active users (DAUs) increased from 290.3 million to 293 million. Over the past 19 months, Snap’s share price has risen approximately $55.13—or 241.37%.

Avient Reports Q2 Sales $917M, Adjusted EPS $0.96 and Raises 2026 Adjusted EPS Guidance

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Avient Corp reported second-quarter 2026 revenue of $917 million and adjusted EPS of $0.96, reflecting a 20% year-over-year increase. The company raised its full-year 2026 adjusted EPS guidance to $3.10–$3.25, driven by organic sales growth and margin expansion.

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