Google-owned video platform YouTube reported $8.66 billion in advertising revenue for the second quarter of 2024, up 13% from the same period last year but below Wall Street analysts’ expectations of $8.93 billion, although Alphabet beat expectations overall.
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YouTube’s ad sales have slowed from 20% in Q1, but the platform still has an iron grip on the market, as Netflix and Amazon Prime Video see the video ad market as sluggish. At the corporate level, Alphabet’s main growth driver today is artificial intelligence.
“Our strong performance this quarter underscores the continued strength of Search and the momentum of Cloud. Our long-standing leadership in infrastructure and internal research organizations reflect our progress as technology evolves and how we will pursue opportunities going forward,” said Alphabet CEO Sundar Pichai.
Alphabet’s total revenue for the second quarter was $84.7 billion, up from $74.6 billion a year earlier. Search advertising revenue reached $48.5 billion; and its subscriptions, platforms, and devices business, which includes YouTube TV, NFL Sunday Ticket, and YouTube Premium, posted $9.3 billion.
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