Google has once again pleased its shareholders and surprised Wall Street. The reason for this was the upbeat earnings report for the second quarter. The company was able to take advantage of the sharp growth in demand for advertising services during the pandemic and increased its revenue by 69%.
Google's earnings per share was $27.26 versus $19.3 expected by analysts. The net profit reached $61.88 billion versus the projected $56.16 billion. YouTube ads alone generated $7. billion in revenue. This is a whopping 83% more than last year. Google Cloud service brought $4.63 billion. Overall, advertising revenue was $50.44 billion, up 69% from the same quarter last year. At the same time, the retail industry made the greatest contribution to the growth of advertising.
The management of the corporation specifically noted a jump in the percentage of YouTube service revenue. Currently, more than 120 million people watch YouTube on their televisions monthly.
"Connected TV is the fastest-growing consumer surface that we have," Philipp Schindler, Google's Chief Business Officer, said. Now, the company is preparing to compete with Chinese app TikTok by launching YouTube Shorts, which has recently reached 15 billion daily views, according to the Google CEO Sundar Pichai.
