Search giant Google chalked up revenue of $17.73 billion and a net profit of $3.93 billion for the second quarter ended June 30, up from revenue of $16 billion and net profit of $3.35 billion for the same period one year ago.
The company announced its earnings numbers for the quarter in a conference call with financial analysts on July 16, showing revenue growth of 11 percent year-over-year and increases in the company’s search business and other services.
Advertising revenue for Google Websites amounted to $12.4 billion, or 70 percent, of its revenue for the quarter, while $3.6 billion in revenue, or 20 percent of the total, came in from Google Network Member Websites. The remaining $1.7 billion in revenue came from other sources.
“Our strong Q2 results reflect continued growth across the breadth of our products, most notably core search, where mobile stood out, as well as YouTube and programmatic advertising,” Ruth Porat, Google’s new chief financial officer, said in a statement. “We are focused every day on developing big new opportunities across a wide range of businesses. We will do so with great care regarding resource allocation.”
This was Google’s first financial results reporting period since Porat joined the company in May. Porat came to Google from Morgan Stanley, where she had been an executive vice president and chief financial officer.
During the earnings call, Porat said she is carefully eyeing the company’s bottom line as it pursues new and existing business strategies and growth as its new CFO, according to a July 16 article in The New York Times. “How we prioritize and focus on these opportunities remains paramount … both for our employees who remain inspired by the opportunity to work on the most cutting-edge developments with maximum global impact and for our shareholders.”
Porat said she was pleased with the numbers that came in for the latest quarter, the article continued. “Our strong Q2 results reflect continued growth across the breadth of our products, most notably core search, where mobile stood out, as well as YouTube and programmatic advertising.”
Google’s cash balance for the latest quarter stands at $69.8 billion, up from $64.4 billion for the same period one year ago. The company spent $2.8 billion on research and development in the quarter, up from $2.24 billion one year ago.
In April, Google reported first-quarter net earnings of $3.6 billion on revenues of $17.3 billion, compared with profits of $3.5 billion and revenues of $15.4 billion during the same period one year prior. Those figures represented a 12 percent revenue growth year-over-year and a 3.8 percent increase in profits between Google’s first-quarter earnings in 2014 and this year.
While focusing on search, Google continues to branch out into a wide range of businesses and markets, including smartphones, mobile computing, wearables, operating systems, such as Android, and “moonshot projects” that explore new ways of doing things and ideas that have the potential to be revolutionary for consumers and businesses. Google is also working on projects to develop self-driving cars, health care advances and more.
