Wed, Jul 24, 10:04 AM (45 days ago)
Alphabet Inc.'s Form 10-Q for the quarterly period ended June 30, 2024, highlights a robust financial performance with revenues of $84.7 billion, a 14% increase year-over-year, driven by growth in Google Services and Google Cloud. Operating income surged 26% to $27.4 billion, with an operating margin improvement to 32%. Google Search & other revenues rose by $5.9 billion, while YouTube ads increased by $998 million. Google Cloud revenues grew 29% to $10.3 billion. Costs of revenues were $35.5 billion, up 11%, primarily due to higher content acquisition costs and TAC. Operating expenses increased by 5% to $21.8 billion, driven by higher compensation and depreciation expenses. Other income (expense), net, rose to $126 million. The effective tax rate decreased to 14.3%. Alphabet repurchased $15.6 billion in shares and declared a dividend of $0.20 per share. The company expects to continue its capital investments, particularly in AI, and maintains a strong liquidity position with $100.7 billion in cash and marketable securities.