Shares of Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) fell 7% as of 10:50 a.m.
ET on Wednesday, pushing the price back to mid-April levels
The reaction seems disconnected from the actual Q2 results the Google parent reported last night: revenue grew 24% to $119.8 billion, Google Cloud surged 82%, and the company beat estimates across the board. The results were excellent Alphabet’s Q2 success was broad. Google Cloud revenue jumped 82% to $24.8 billion, with operating margins nearly doubling to 35.6%.
Nearly 500 Gemini AI enterprise customers each processed over a trillion tokens in the past year. The backlog stands at $514 billion. And the “legacy” business is still thriving, too.