Google's parent company reports $61 billion in revenue in the second quarter of 2021.
ByFaisal Chughtai | Published date:
(Image credit: Unsplash)
Alphabet, the parent company of Google, has released its financial report for the second quarter of 2021, which concluded in June. The computer titan's revenue for the quarter was $61.88 billion, surpassing Wall Street's forecast of $56.23 billion.
This quarter's revenue was 62% over the previous year's similar quarter. Google's ad income increased by 69 percent as compared to the second quarter of 2020. Similarly, the company's net income increased to $18 billion, more than double from the previous year ($7 billion).
Sundar Pichai, the CEO of Google and Alphabet, reacted on the astronomical figures, saying:
In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience.
After hours, the company's shares rose by 2%, and if all of these increases continue, Google's market capitalization will reach $2 trillion.
In addition to ad income and stock price gains, Alphabet's cloud computing business expanded significantly. As compared to the previous year, revenue from the cloud computing industry rose by 54%.
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