Google's Q2 earnings of $112.11B beat Wall Street's expectations on AI boom

Alphabet reported Q2 2026 earnings of $112.11 billion, exceeding Wall Street's expectation of $117.06 billion in revenue, with revenue growing 24% year-over-year to $119.8 billion. The article is bylined to Barbara Ortutay via The Associated Press and distributed through NBC Bay Area, providing specific financial figures, year-over-year comparisons, analyst commentary from eMarketer's Nate Elliott, and context about revenue drivers including search advertising and cloud growth. Independent search results from CNBC, Yahoo Finance, and other outlets corroborate the earnings figures and report on similar themes of AI investment returns and cloud revenue growth (Yahoo Finance notably reports 82% cloud revenue growth, adding specificity absent from this article), though this article notably flags that Alphabet did not disclose adjusted earnings comparable to analyst expectations of $2.88 per share—an important qualifier about earnings quality. Watch for investor reactions to the unexplained gap between reported earnings and analyst consensus on adjusted figures, as well as upcoming guidance on AI spending sustainability and cloud growth trajectory.