Google's Parent Company Reveals Q2 2020 Financial Results
Alphabet, which owns Google, has released financial statements for the second quarter of 2020. The company's net profit for the reporting period decreased by 30%.
Alphabet Q2 2020 Results
- Alphabet's net income was $6.9 billion, down 30% from the second quarter of 2019. Last year this figure was $9.9 billion.
- Revenue also decreased and amounted to $38.3 billion (-2%). The company noted that such a slight drop is due to improvements in the advertising business and with an increase in revenue from other services, in particular, the strong growth of Google Cloud.
- The cloud business brought the company $3 billion (annual growth +43%), Search - $21.3 billion, YouTube - $3.8 billion (+6%).
- Google's ad revenue declined by 8% to $29.9 billion. Non-ad revenue rose from $4.1 billion to $5.1 billion over the year.
- The number of employees in the company was 127.5 thousand people.
The share of advertising revenue in the company's business was 78%. A year earlier, it accounted for 83%.
According to Business Insider, the company's revenue fell year-over-year for the first time since Google's initial public offering in 2004.