Google's parent company Alphabet has reported revenue for the quarter at $74.6 billion, compared with estimates of $72.82 billion, media networks have reported.

Its net income for the quarter has increased 15% YoY to $18.37 billion.

Ad sales for Google's YouTube video service has increased 4.4% to $7.67 billion.

Google Cloud's revenue has risen 28% to $8.1 billion.

Alphabet's second-quarter profit has exceeded market expectations. The company also announced CFO Ruth Porat will assume a new role while they are seeking a new finance chief.

“The new AI technology comes at a cost: the largest component of Alphabet's second-quarter capital spending was for servers and a "meaningful investment" in AI computing,” Porat was quoted as saying during the earnings call.