Google beats expectations with Q2 earnings report

Alphabet Inc., also known as Google, has drastically beat expectations through its 2nd fiscal quarter earnings report which released on Wednesday.

Google Chief Executive Officer Sundar Pichai.

According to the official Alphabet Inc. earnings report released on Wednesday, revenue rose to $96.43 billion, beating investors' expectation of roughly $93.7 billion. Meanwhile, diluted EPS (earnings per share) reached $2.31, far above the expectations of between $2.17-2.18.

Google's strong earnings reveals the very real potential for its artificial intelligence investments and innovation to carry into a systemic dominance over technology. Previously behind its Magnificent Seven competitors Apple, Microsoft, and Google, today's report showed that its gaining significant ground, far more in fact than many expected.

Google Cloud, its latest artificial intelligence venture, surged 28% in revenue, beating the expectation of 26%. In addition, according to a report from the Times, the Google search engine managed to increase ad revenue despite reduced audience sizes.

Sundar Pichai, the current CEO of Alphabet Inc., remained confidence before despite concerns of fierce competition in the AI industry. "We continue to look at both our retention metrics, as well as the new talent coming in, and both are healthy... I think we are doing well through this moment," Pichai stated in response to Silicon Valley competition.

Pichai's remarks proved to be very much accurate as the company successfully grappled competition in the AI industry and even circumventing it as an obstacle for growth, for now.