Google’s parent Alphabet has announced financial results for Q2 2016. The company has recorded $21.5B in revenue, compared to $17.7 billion during the same quarter a year ago. It also exceeded Wall Street expectations of $20.76 billion.
The net income amounted to $4.9 billion, compared to $3.9 billion during the same quarter last year. Google which was officially restructured under the Alphabet corporate umbrella a year ago recorded $21.3 billion in revenues. The company’s “Other Bets” which includes Google Fiber, home automation products Nest, self-driving cars and X – the research division recorded $185 million in revenue.
CEO Sundar Pichai said that that growth was driven primarily by Cloud and Apps, followed by Play. Google has now has sold over 30 million Chromecast devices. Google’s ad revenue rose 19.5% to $19.14 billion, while it notched a 29% rise in paid clicks. The company’s Google’s other revenue surged 33%, driven by gains in the cloud computing business
Ruth Porat, CFO of Alphabet said,
Our terrific second quarter results, with 21% revenue growth year on year, and 25% on a constant currency basis reflect the successful investments we’ve made over many years in rapidly expanding areas such as mobile and video. We continue to invest responsibly in support of our many compelling opportunities.