Google makes history with quarterly profit more than 459 of Fortune 500 firms’ revenue
Alphabet reported a record-breaking quarterly profit of $112.1 billion, largely driven by unrealized gains from investments in AI firm Anthropic and SpaceX. Despite the massive financial success, company shares fell as investors expressed concerns about future performance.
Why it matters
The report illustrates the massive influence of AI and space-tech valuations on the balance sheets of major technology conglomerates.
Google-parent Alphabet has become the first company in the world to report more than $100 billion in quarterly profit, setting a new corporate record. In its second-quarter earnings released on July 22, the company posted a net income of $112.1 billion, nearly four times higher than a year ago. According to Fortune, the figure is more profit in three months than 459 Fortune 500 companies generate in total annual revenue. Helped by an 82% jump in Google Cloud revenue, Alphabet’s revenue rose 24% year over year to $119.8 billion.
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