Alphabet Reports 29% Profit Boost in Q2 2024 Despite AI Research Losses

In Q2 2024, Alphabet Inc. demonstrated impressive financial growth with a 28.6% rise in profits despite significant losses in its AI research division. The company’s revenue of $84.7 billion, driven primarily by Google and YouTube ads, surpassed expectations by $14 billion. Alphabet’s cloud business also marked a milestone by crossing $10 billion in revenue for the first time, highlighting the effectiveness of its AI initiatives. These results reflect Alphabet’s strong market position and ongoing innovation.