==Alphabet (GOOG) reported earnings on Tue 25 Jul 23 (a/h)

 

Alphabet beats by $0.10, beats on revs, Google Advertising revenue up 3.2%; CFO Ruth Porat will assume newly created role of President and Chief Investment Officer, will continue to serve as CFO 

• Reports Q2 (Jun) earnings of $1.44 per share, $0.10 better than the FactSet Consensus of $1.34; revenues rose 7.1% year/year to $74.6 bln vs the $72.85 bln FactSet Consensus.
• Google Search & Other Revenue increased 4.7% yr/yr to $42.6 bln.
• Google Advertising revenue increased 3.2% to $58.1 bln.
• YouTube Ads revenue increased 4.4% to $7.66 bln.
• Google Cloud revenue increased 27% to $8.0 bln; operating income of $395 mln vs ($590) mln in year-earlier quarter.
• Alphabet and Google CFO Ruth Porat will assume the newly created role of President and Chief Investment Officer of Alphabet and Google, effective September 1, 2023. Ruth will continue to serve as CFO, including leading the company's 2024 and long-range capital planning processes, while the company searches for and selects her successor. In her new role, Ruth will continue to report to Sundar Pichai, Alphabet and Google CEO.
• Ruth Porat, CFO of Alphabet and Google, said: "Our financial results reflect continued resilience in Search, with an acceleration of revenue growth in both Search and YouTube, as well as momentum in Cloud. We continue investing for growth, while prioritizing our efforts to durably reengineer our cost base company-wide and create capacity to deliver sustainable value for the long term."