Key Points
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Google Search continues to grow, accounting for nearly 53% of Alphabet’s $119.8 billion in revenue in Q2.
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Google Cloud revenue surged 82% year-over-year to $24.8 billion, with a backlog rising to $514 billion.
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Alphabet is currently trading at 16.7 times its projected earnings, the lowest among the “Magnificent Seven” stocks.
Alphabet, the parent company of Google, reported strong financial results with Q2 revenue reaching $119.8 billion, boosted by Google Search, which comprises around 53% of total revenue. Despite fears that emerging AI chatbot tools like ChatGPT could undermine its search business, Google has maintained a dominant 91% share of the global search market.
In the cloud segment, Google Cloud experienced an 82% year-over-year revenue growth, totaling $24.8 billion, supported by a backlog of $514 billion. Alphabet’s stock is trading at 16.7 times projected earnings, positioning it as the cheapest among the “Magnificent Seven” stocks.
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