Alphabet Earnings: Google Cloud Revenue Run Rate Tops $12B
Alphabet Earnings: Google Cloud Revenue Run Rate Tops $12B
Google parent Alphabet's quarterly sales fell for the first time in its 16 years as a public company
31 July, 2020, 16:10
The market expected worse, however, and Google's share price is now up half a percent in after-hours trading.
"We continue to navigate through a hard global economic environment", Alphabet CFO Ruth Porat said in a statement with the earnings report.
Google's ads business has long trended with the broader economy, and the USA economy contracted at its steepest pace since the Great Depression in the second quarter, the Commerce Department said today.
Google's giant advertising business had already begun to slow well before the pandemic.
Ad sales, which make up the bulk of sales at the Google parent, were $29.9 billion in the second quarter, down 8.1% from the same period a year ago. Investors are increasingly interested in the prospects of smaller but faster-growing units. Google Search and other fell from $23.6 billion in second-quarter 2019 to $21.3 billion in second-quarter 2020.
The pandemic has boosted the case for cloud services, which help people work remotely, but the looming recession also means companies are hesitant to spend freely on new software and infrastructure.
"This quarter, we saw the early signs of stabilisation, as users returned to commercial activity online", Alphabet's chief executive Sundar Pichai told analysts. Rival Amazon.com Inc.'s cloud unit, which is much bigger than Google's, grew 29% to $10.8 billion in the quarter. Alphabet's shares have gained about 15 per cent this year. "And we are helping many government agencies deliver care for their citizens, including the states of Oklahoma and NY here in the USA, and Italy and Spain in Europe".
Google Cloud's revenue - which includes sales from Google Cloud Platform (GCP), the G Suite productivity tools and other enterprise cloud services - reached just more than $3 billion in the three months that ended June 30, up from $2.1 billion in last year's second quarter and $2.77 billion in this year's first quarter.
Alphabet added approximately 4,000 new employees, making the full-time workforce consist of 127,498 during the second quarter.
Google's "other" revenues, which covers things like hardware and Google Play purchases, were $5.12 billion for the quarter - up 25.6% year over year. On Monday, Google said workers could stay home until July 2021 if they wanted to.
Analysts had only expected $8.21 earnings per share vs $10.13 delivered.
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