Get marketing news you’ll actually want to read
The email newsletter guaranteed to bring you the latest stories shaping the marketing and advertising world, like only the Brew can.
Google made a lot of money, like it always does. The company posted revenue of $74.6 billion, growing 7% YoY in Q2, beating investor expectations in an advertising market that may be picking up after a slow start to the year.
Last quarter, the company unveiled a slew of AI updates to its advertising and search business, including a conversational generative-AI search engine and AI image and copy tools for advertisers. People said “AI” about 90 times during the earnings call, because that’s just how things are now.
Beating declines that have persisted for three quarters, YouTube’s ad revenue grew 4% year over year, bringing in about $7.6 billion. It reflected “further stabilization in advertiser spend,” Philipp Schindler, Google’s SVP and chief business officer, said during the earnings call. The company also said more than 2 billion “logged-in users” are watching YouTube Shorts each month, up from 1.5 billion in 2022.
New gig: The big G also promoted CFO Ruth Porat to president and chief investment officer. She will oversee the company’s “Other Bets” category, which spans everything from self-driving cars to internet access, according to The Verge.
Elsewhere: Snap’s shares sank after its revenue fell 4% and it lowered its expectations for Q3, further complicating whether the advertising market is stabilizing.
Read the full article here
