Streaming video platform YouTube earned $8.66 billion in core advertising revenue during the second financial quarter (Q2) of 2024, parent company Alphabet disclosed late Tuesday afternoon.
The figure was 13 percent higher than the $7.66 billion YouTube earned from ads during Q2 2023, and slightly higher than the $8.1 billion brought in from ads on a sequential basis — but was considered a miss as far as Wall Street consensus estimates goes, with analysts expecting at least $8.93 billion in ad revenue from YouTube.
The video platform was an outlier on Alphabet’s quarterly earnings report, which showed the company generated $84.74 billion in revenue during Q2, beating Wall Street consensus estimate of $84.19 billion and up around 10 percent on a year-over basis.
Net income increased 29 percent on a sequential basis to $23.6 billion, higher than the Wall Street consensus estimate of $22.7 billion, while Alphabet’s earnings per share (EPS) clocked in at $1.89, or 5 cents higher than what Wall Street analysts were expecting.
YouTube is operated by search engine giant Google, which is owned by Alphabet.
Subscription sales from Google-operated products — including YouTube TV, YouTube Premium, YouTube Music, the NFL Sunday Ticket package and purchases made within the Google Play Store — helped Alphabet earn $9.3 billion in revenue during Q2, the company disclosed.
The biggest parts of Alphabet’s business continues to be Google’s search engine — including its supplemental sponsored listings and advertising products — and its cloud-based storage and software services.
“Our strong performance this quarter highlights ongoing strength in search and momentum in cloud,” Google CEO Sundar Pichai said in a statement. “We are innovating at every layer of the AI stack. Our longstanding infrastructure leadership and in-house research teams position us well as technology evolves and as we pursue the many opportunities ahead.”
