Google exceeds expectations despite failed acquisition of Wiz

Google faced a setback when the cybersecurity start-up Wiz declined a $23 billion acquisition offer. This deal could have significantly advanced Google's activities in cloud computing. However, Alphabet, Google's parent company, reassured investors the following day with a positive message. The company is in a stable position even without the acquisition. The tech giant reported strong revenue growth in search engine advertising and an increasing profit rate. However, revenues from YouTube advertising fell short of expectations. In the second quarter, Alphabet achieved a quarterly revenue of $84.7 billion, a 14 percent increase compared to the previous year. This revenue figure narrowly surpassed analysts' estimates of $84.1 billion, based on FactSet data. The company's profit rose by 29 percent to $23.6 billion, exceeding Wall Street's expectations of $22.7 billion. These results highlight to investors the stability of Google's ad-supported consumer services, which are used by billions of people, even as the company searches for new sources of revenue.