Google-owned video platform YouTube reported that in the second quarter of 2024, its advertising revenue amounted to $8.66 billion. This figure represents a 13% increase compared to the same period last year but falls short of Wall Street analysts’ expectations, who predicted $8.93 billion. Despite this, overall Alphabet managed to exceed their expectations.
YouTube ad sales have slowed to a 20% growth in the first quarter, yet the platform continues to dominate the market. Competitors like Netflix and Amazon Prime Video view the video ad market as sluggish, highlighting YouTube’s strong position. At the corporate level of the Alphabet holding, artificial intelligence remains the main growth factor today, notes NIXSolutions.
Alphabet’s Performance and Future Outlook
“Our strong performance this quarter underscores Search’s continued strength and Cloud’s momentum. Our long-standing infrastructure leadership and internal research capabilities reflect our successes as technology evolves and how we pursue opportunities in the future,” said Alphabet CEO Sundar Pichai.
Alphabet’s total revenue for the second quarter amounted to $84.7 billion, compared to $74.6 billion a year earlier. Advertising revenue in Search reached $48.5 billion, and the subscriptions, platforms, and devices business, which includes YouTube TV, NFL Sunday Ticket, and YouTube Premium, showed $9.3 billion.
We’ll keep you updated on Alphabet’s progress and future developments.