Alphabet's Cloud Computing Business Just Posted 82% Revenue Growth. Next Quarter Could Be Even Better.
A huge backlog plus massive spending equals incredible revenue growth.
Overview
The amount of money being spent on AI compute was plainly evident in Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) second-quarter earnings report. The company is bringing in huge amounts of revenue from its cloud computing division, and it's spending even more. Overall, cloud computing revenue climbed 82% year over year last quarter.
That marks the fifth consecutive quarter of accelerating revenue growth for the segment, and I expect Alphabet to make it six straight quarters when it reports again in three months. Here's why that's so important for investors.
Image source: The Motley Fool.
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Source
Originally published at www.fool.com.
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