Alphabet ad rev up 11% to $65 billion in Q2
Ad sales in the YouTube division rose 13% to $8.6 billion
Google parent Alphabet said that it beat Q2 estimates by posting robust growth in revenue and profit thanks to a rise in digital ad sales and the popularity of its cloud computing services.
Demand for digital ads, fuelled by the Paris Olympics and elections worldwide, helped advertising sales grow 11% to $64.6 billion, according to the company's earnings calls for the quarter.
Net income in the quarter ended June 30 was 28.6% at $23.6 billion, exceeding the average estimate of $23 billion.
Total revenue stood at $84.7 billion up 14%, beating estimates of $84 billion. Ad sales in YouTube division rose 13% to $8.67 billion.
The tech giant noted that the adoption of generative AI tech boosted its cloud business, and a recovery in enterprise spending has been boosting its software business.
