The firm’s CEO, Sundar Pichai, said its AI products have already generated “billions” in revenue from its cloud business.
Google parent firm Alphabet posted a 28.6% year-on-year boost in profits in the second quarter of 2024, despite a $2.3 billion loss from its AI research division.
According to a Q2 earnings filing, Alphabet reported net income of $23.6 billion in the quarter and $84.7 billion in revenue — smashing Zacks Investment Research’s estimate by over $14 billion.
Its reported loss from “Alphabet-level activities” nearly doubled from $1.2 billion in Q2, 2023, to $2.3 billion.
