Alphabet Inc. (NASDAQ: GOOG, GOOGL) reported second quarter 2023 earnings results today.
Revenues increased 7% year-over-year to $74.6 billion.
Net income was $18.3 billion, or $1.44 per share, compared to $16 billion, or $1.21 per share, last year.
Both revenue and earnings beat estimates, sending the stock up 5% in after-market hours on Tuesday.
The company had cash and cash equivalents of $25.9 billion at the end of the second quarter.
Alphabet also announced that CFO Ruth Porat will assume the newly created role of President and Chief Investment Officer, effective September 1, 2023. She will continue to serve as CFO, while the company selects her successor. In her new role, Ms. Porat will continue to report to CEO Sundar Pichai.