Alphabet (GOOGL) reported second-quarter revenue of $119.8 billion. This figure represents a 24% year-over-year increase and surpassed analyst expectations. Google Cloud revenue surged 82% to reach $24.8 billion. Search and other revenue grew 17% during the period. YouTube advertising revenue increased by 13%.
CEO Sundar Pichai credited AI investments for driving demand for infrastructure and solutions. Alphabet shares fell in after-hours trading despite the positive results. The company raised its full-year capital expenditure forecast to a range of $195 billion to $205 billion. This increased spending supports the ongoing buildout of AI infrastructure.