Google Parent Alphabet Thrives Amid AI Search Shift
By Rediff Money Desk, San Francisco Jul 24, 2024 08:57
Alphabet, Google's parent company, reports strong Q2 earnings driven by AI-powered search advancements. Despite publisher concerns, Google's revenue and stock soar.
![Google Parent Alphabet Thrives Amid AI Search Shift](https://im.rediff.com/money/2015/aug/11google.jpg)
San Francisco, Jul 24 (AP) Google's corporate parent Alphabet Inc. delivered another quarter of steady growth amid an AI-driven shift in the ubiquitous search engine that is the, foundation of its internet empire.
The second-quarter report released Tuesday indicated Google is still reeling in advertisers on the heels of the May introduction of an artificial intelligence feature that produces conversational responses to people's search queries while downplaying its traditional display of related links to other websites.
Although the change sparked fear and outrage among online publishers worried their traffic will plummet, Google is still thriving and propelling Alphabet's success.
Alphabet's revenue for the April-June period climbed 14 per cent from the same time last year to USD 84.74 billion. The Mountain View, California, earned USD 23.62 billion, or USD 1.89 per share, a 29 per cent increase from the same time last year. It marked fourth-consecutive quarter that Alphabet's year-over-year revenue growth has surpassed 10 per cent, although the pace during the April-June period slowed slightly from the January-March span.
The performance for the most-recent quarter exceeded the analyst projections that steer investors, according to FactSet Research.
Alphabet's stock price rose slightly in extended trading after the report came out. The shares have surged by 30 per cent so far this year, largely riding the excitement surrounding the money-making opportunities afforded by the rise of AI a field that Google is trying to mine through its DeepMind division and Gemini technology.
The second-quarter report released Tuesday indicated Google is still reeling in advertisers on the heels of the May introduction of an artificial intelligence feature that produces conversational responses to people's search queries while downplaying its traditional display of related links to other websites.
Although the change sparked fear and outrage among online publishers worried their traffic will plummet, Google is still thriving and propelling Alphabet's success.
Alphabet's revenue for the April-June period climbed 14 per cent from the same time last year to USD 84.74 billion. The Mountain View, California, earned USD 23.62 billion, or USD 1.89 per share, a 29 per cent increase from the same time last year. It marked fourth-consecutive quarter that Alphabet's year-over-year revenue growth has surpassed 10 per cent, although the pace during the April-June period slowed slightly from the January-March span.
The performance for the most-recent quarter exceeded the analyst projections that steer investors, according to FactSet Research.
Alphabet's stock price rose slightly in extended trading after the report came out. The shares have surged by 30 per cent so far this year, largely riding the excitement surrounding the money-making opportunities afforded by the rise of AI a field that Google is trying to mine through its DeepMind division and Gemini technology.
Source: ASSOCIATED PRESS
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- IFL Enterprises
- 1.16 ( -3.33)
- 53084050
- Srestha Finvest
- 2.38 (+ 4.85)
- 31177003
- Khoobsurat
- 1.71 (+ 4.91)
- 28615442
- GTL Infrastructure
- 3.03 (+ 4.84)
- 24925159
- Vodafone Idea L
- 15.41 (+ 0.85)
- 19712990
MORE NEWS
![Tax Savings on...](https://im.rediff.com/80-80/money/2019/feb/02house.jpg)
Tax Savings on Real Estate LTCG: I-T Department
India's Income Tax department explains the new reduced LTCG rate on real estate and...
![HUL Shares Drop...](https://im.rediff.com/80-80/money/2019/jan/21hul.jpg)
HUL Shares Drop 3% After Q1 Earnings
Hindustan Unilever's shares fell over 3% after reporting a modest 2.2% rise in net...
![Vietnam Allows...](https://im.rediff.com/80-80/money/2021/dec/24renewable-energy-wind.jpg)
Vietnam Allows Direct Clean Energy Purchases...
Vietnam's new decree allows large companies to buy electricity directly from renewable...