YouTube posted 4% advertising revenue growth in the second quarter as parent Alphabet rode momentum in search and cloud services to smash Wall Street analysts’ expectations
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The upbeat quarterly report reverses more downbeat results of late, including an unprecedented dip in ad results at YouTube, which was seen as an ominous portent for other players navigating a choppy ad market. “There’s exciting momentum across our products and the company,” CEO Sundar Pichai said in the earnings release. “Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services.” He noted that the company has 15 products with at least 500 million users and six of them reaching 2 billion-plus users, giving Alphabet “so many opportunities to deliver on our mission.
CFO Ruth Porat credited “continued resilience in search” and accelerating revenue there and at YouTube, plus momentum in the company’s cloud business. with an acceleration of revenue growth in both Search and YouTube, as well as cloud momentum.
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