Alphabet Inc Class C

Alphabet posted a clean beat across the board in Q2 2024, with earnings per share of $1.89 topping the $1.84 consensus estimate by 2.72% and revenue of $84.74 billion edging past expectations by 0.65% while growing 13.6% year over year. The headline driver was a powerful combination of Search momentum and an accelerating Google Cloud business, which crossed $10.35 billion in quarterly revenue and delivered $1.17 billion in operating profit, compared to just $395 million a year earlier, as the unit's margins expand with scale. Operating income for the company overall reached $27.43 billion, lifting the operating margin to 32% from 29% a year ago, reflecting sustained cost discipline. Net income climbed to $23.62 billion from $18.37 billion in the prior-year period. Capital expenditures nearly doubled to $13.19 billion, underscoring Alphabet's aggressive AI infrastructure push, a theme resonating across the broader tech sector as rivals similarly pour capital into data center buildout to support surging demand for AI workloads.