Quarterly Report — Q2 2024
Filed July 24, 2024
Q2 2024 revenue hit $84.7 billion, up 14% year-over-year, with Google Search and Cloud driving the bulk of gains. Google Cloud alone jumped roughly 29% to $10.3 billion, signaling accelerating enterprise momentum, while YouTube ads grew to $8.7 billion. The company is clearly leaning into AI-fueled infrastructure spending — capital expenditures surged in the first half — a bet that margins can hold as the investment cycle deepens.
Filing details
Performance by segment
Google Services
Google Services revenue grew 12% YoY to $73.9 billion in Q2 2024, driven by Google Search & other revenues of $48.5 billion (up 14%), YouTube ads of $8.7 billion (up 13%), and Google subscriptions, platforms, and devices of $9.3 billion (up 14%). Google Network declined to $7.4 billion. Operating income surged 26% to $29.7 billion, benefiting from revenue growth and reduced compensation expenses.
Google Cloud
Google Cloud revenue grew 29% YoY to $10.3 billion in Q2 2024, driven primarily by Google Cloud Platform followed by Google Workspace. Operating income nearly tripled to $1.2 billion from $395 million a year ago. Revenue backlog was $78.8 billion as of June 30, 2024, with approximately half expected to be recognized over the next 24 months.
Other Bets
Other Bets revenue grew 28% YoY to $365 million in Q2 2024, generated primarily from healthcare-related services and internet services. Operating loss widened to $1.1 billion from $813 million, primarily due to increased compensation expenses reflecting the reduction in valuation-based compensation liabilities in the prior year. In July 2024, Alphabet committed to fund up to $5.0 billion for Waymo's ongoing operations.