Google parent company Alphabet Inc. posted stronger-than-expected results for its second quarter, a sign that it’s massive artificial intelligence spending spree is paying off so far and advertising revenue is coming in strong.
The Mountain View, California-based company said Wednesday it earned $112.11 billion, or $9.11 per share, in the April-June period. That’s up from $28.2 billion, or $2.31 per share, in the same period a year earlier.
Revenue grew 24% to $119.8 billion from $96.43 billion.
Analysts, on average, were expecting revenue of $117.06 billion, according to a poll by FactSet. Google did not disclose an adjusted earnings figure that’s comparable to analysts’ expectations, which was $2.88 per share. Google saw a net gain of $98 billion, mainly as a result of gains on its equity investments — mostly in SpaceX, which went public in June.
“Our AI investments are redefining what’s possible across every part of our business,” said CEO Sundar Pichai in a statement.
