Alphabet Jumps to Highest in 15 Months on Strength in Search
- Cloud unit has its second profitable quarter with AI rush
- Ruth Porat promoted to president and chief investment officer
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Google parent Alphabet Inc. reported second-quarter revenue that exceeded analysts’ expectations, boosted by advertising on the company’s flagship search business, which is withstanding new competition from artificial intelligence chatbots.
Alphabet’s sales, excluding partner payouts, were $62 billion in the quarter, the company said Tuesday in a statement. Analysts had projected $60.2 billion, according to data compiled by Bloomberg. Search advertising performed well, generating $42.6 billion, compared with analysts’ average estimate of $42.2 billion.