Alphabet reports 7% increase in revenue driven by jump in cloud sales

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Sundar Pichai, CEO, Alphabet Inc., during the Google I/O developers conference in Mountain View, California, May 10, 2023.

David Paul Morris | Bloomberg | Getty Images

Alphabet reported a 7% increase in revenue for the second quarter, boosted by Google's cloud-computing unit. The stock climbed about 5% in extended trading.

Earnings: $1.44 per share vs. $1.34 per share, adjusted, expected by Refinitiv.Revenue: $74.6 billion vs. $72.82 billion expected by Refinitiv.

The company also reported the following numbers:

YouTube ads:Â $7.67 billion vs. $7.43 billion, according to Street Account.Google Cloud:Â $8.03 billion vs. $7.87 billion, according to StreetAccount.Traffic acquisition costs:Â $12.54 billion vs. $12.37 billion, according to StreetAccount.

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The company's revenue rose 7% to $74.6 billion for the second quarter.

For the fourth straight quarter, Google's parent company reported growth in the single digits as it reckons with a pullback in digital ad spending that reflects concerns about the economy. Analysts don't expect growth to hit double digits again until the fourth quarter.

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