Alphabet announces its second quarter earnings with $38.3B in revenue

Today, Google parent company Alphabet announced its earnings for the second quarter of 2020. For the quarter, it took in $38.297 billion in revenue, a modest decline from the same quarter last year, where it took in $38.944 billion.

"In the second quarter our total revenues were $38.3B, driven by gradual improvement in our ads business and strong growth in Google Cloud and Other Revenues," said Ruth Porat, Chief Financial Officer of Alphabet and Google. "We continue to navigate through a difficult global economic environment."

The vast majority of that, of course, is from Google. The search giant accounted for $37.998 billion in revenue, and out of that, $29.867 billion was from advertising, broken down into $21.319B in Google search and $3.812B in YouTube ads. The rest is made up of $3.007B in Google Cloud revenue, and $5.124 billion of "other".

The rest of Alphabet's revenue falls under "other bets" and "hedging gains", where it made $148 million and $151 million in revenue, respectively. Operating income for Google was $7,572B; however, for other bets, it was a loss of $1.116B.

"We're working to help people, businesses and communities in these uncertain times," said Sundar Pichai, Chief Executive Officer of Google and Alphabet. "As people increasingly turn to online services, our platforms — from Cloud to Google Play to YouTube — are helping our partners provide important services and support their businesses."

Total net income was $6.959B, for $10.13 diluted earnings per share.

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