Alphabet Second Quarter 2024 Results
Alphabet's earnings report met EPS expectations but fell short on YouTube ad revenue. Revenue reached $84.74 billion, with Google Cloud surpassing $10 billion in revenue and "Other Bets" unit showing growth.
Read original article
Alphabet, Google's parent company, released its earnings report, meeting expectations for earnings per share but falling short on YouTube ad revenue. The company reported earnings of $1.89 per share compared to the expected $1.84, with revenue reaching $84.74 billion against the estimated $84.19 billion. Despite missing on YouTube ad revenue, Alphabet saw a 14% increase in revenue year-over-year, driven by search and cloud services. Google Cloud revenue exceeded $10 billion for the first time, with operating profit surpassing $1 billion. Ad revenue reached $64.62 billion, up from $58.14 billion the previous year. The "Other Bets" unit, including Waymo, the self-driving car company, generated $365 million, showing growth from $285 million a year ago. Alphabet's shares rose approximately 1% following the report. Additionally, during the quarter, Alphabet expanded its self-driving car service, Waymo, to all San Francisco users, marking its second citywide rollout after its debut in the Phoenix metropolitan area in 2020.
Related
Italian Revenue Agency demands 1B from Google for tax evasion
The Italian Revenue Agency targets Google for alleged 1 billion euros tax evasion. Investigation ongoing regarding royalties and stable organization presence. Reflects broader multinational tax scrutiny trend.
The Antitrust Trial of the United States vs. Google, LLC
The United States v. Google, LLC is an antitrust trial accusing Google of monopolizing digital advertising, impacting journalism and favoring disinformation. Updates, trial documents, and research are available on a website supported by tech accountability advocates.
Google on the verge of acquiring cloud security company Wiz for $23B
Alphabet is in advanced talks to acquire cloud security company Wiz for $23 billion. Wiz scans data from major platforms for security risks. The potential deal aims to boost Google's cloud business.
Google Readies $23B Deal for Wiz, a Startup, Despite Antitrust Scrutiny
Google is finalizing a $23 billion deal to acquire cybersecurity start-up Wiz, enhancing its cloud services. The move aligns with Google's strategy to diversify revenue sources and strengthen cybersecurity capabilities.
'Google says I'm a dead physicist': is the biggest search engine broken?
Google faces scrutiny over search result accuracy and reliability, with concerns about incorrect information and cluttered interface. Despite dominance in the search market, criticisms persist regarding data privacy and search quality.
8 commentsWhich is more than:
* Netflix – $36.3B
* Warner Bros Discovery – $40.57B
* Paramount Global (ViacomCBS) – $30B
* Disney Entertainment (excluding theme parks and sports) – $40.6B
All without spending a single dollar on content creation.
I guess that feeling is just having the dissonance of the nature of business in your face. Though I do hold that the decisions made to squeak out a couple extra % points will be crushing in the long run.
Even just today: reality is Google is 4th place to OpenAI, Anthropic, and Meta in AI and its not really close.
Each individual step is arguable, but the cracks are there. And leadership is too MBA-y/trend-following to do anything about it. Ex. through August '22 the line was there was going to be a special pot of increased raises to combat all the talent leaving for Meta. Then once Mark started firing, all that went far away, promo quotas to manager level were dropped to ~0, there's ceremonial cullings weekly, and its not of managers.
Edit for child comment:
I respect what you're saying: I'd advise its better to invite conversation, than say its all a simple binary option, especially in the face of me pointing out the same thing.
Ex. morale is trash, outsourcing is rampant, virtually all new headcount is overseas, and _actual_ efficiency, productivity, is lower than it ever has been.
The more simplistic view would advise companies could just fire 90% of staff and go into maintenance mode, but for some reason, they never do.
Also, note that "efficiency" on HN arguments of this form means "get the managers / slackers out of the way" -- economic effiency means "profits are 0". Neither happened here. Never been a better time to be a manager, and slackers aren't going away, if their slacking was visible to managers, they would have been gone already.
Some more discussion on official release: https://news.ycombinator.com/item?id=41050218
Related
Italian Revenue Agency demands 1B from Google for tax evasion
The Italian Revenue Agency targets Google for alleged 1 billion euros tax evasion. Investigation ongoing regarding royalties and stable organization presence. Reflects broader multinational tax scrutiny trend.
The Antitrust Trial of the United States vs. Google, LLC
The United States v. Google, LLC is an antitrust trial accusing Google of monopolizing digital advertising, impacting journalism and favoring disinformation. Updates, trial documents, and research are available on a website supported by tech accountability advocates.
Google on the verge of acquiring cloud security company Wiz for $23B
Alphabet is in advanced talks to acquire cloud security company Wiz for $23 billion. Wiz scans data from major platforms for security risks. The potential deal aims to boost Google's cloud business.
Google Readies $23B Deal for Wiz, a Startup, Despite Antitrust Scrutiny
Google is finalizing a $23 billion deal to acquire cybersecurity start-up Wiz, enhancing its cloud services. The move aligns with Google's strategy to diversify revenue sources and strengthen cybersecurity capabilities.
'Google says I'm a dead physicist': is the biggest search engine broken?
Google faces scrutiny over search result accuracy and reliability, with concerns about incorrect information and cluttered interface. Despite dominance in the search market, criticisms persist regarding data privacy and search quality.