Alphabet to Report Q2 Earnings July 23 as Google Cloud Growth Reaches 63.4%

According to Hyundai Securities analyst Kim Jae-seung, Alphabet will release its second-quarter earnings after U.S. market close on July 23 (early morning Korea time July 24). Market focus centers on three key metrics: advertising revenue momentum, Google Cloud growth acceleration, and potential upward revision of capital expenditure guidance.

Google Cloud reported 63.4% year-over-year growth in Q1, with market expectations at the same level for Q2. Cloud revenue has consistently beaten expectations since Q2 2025. Separately, the advertising segment—representing 73% of Alphabet's total revenue—remains critical as the company continues large-scale capital investments. Analysts are monitoring whether 2027 CAPEX guidance could exceed $300 billion, signaling sustained demand from hyperscalers.