- Alphabet's second-quarter revenue increased 24% to $119.8 billion and net profit rose to $112.1 billion, driven by broad-based growth in Search, YouTube, and Cloud.
- Google Cloud backlog grew to $514 billion from $490 billion in the prior quarter, supported by enterprise adoption of Gemini Enterprise.
- Capital expenditures doubled to $44.9 billion, causing free cash flow to turn negative at $5.9 billion, which pressured the stock in after-hours trading.
Quotes
“It's great to see the wide adoption of Gemini Enterprise, with nearly 90% of the Fortune 100 using it.”