Alphabet Inc., the parent company of Google, reported stronger-than-expected results for the second quarter, indicating that its massive spending on artificial intelligence is paying off so far and that advertising revenue is performing strongly.

The company, based in Mountain View, California, said Wednesday that it earned $112.11 billion, or $9.11 per share, during the April-to-June period, up from $28.2 billion, or $2.31 per share, in the same period a year earlier.

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Revenue rose 24 percent to $119.8 billion, compared to $96.46 billion.

Analysts on average expected revenue of $117.06 billion, according to a survey by FactSet.

Google did not disclose adjusted earnings comparable to analysts' expectations of $2.88 per share.

Google also recorded net gains of $98 billion, mainly due to gains from its equity investments, mostly in SpaceX, which went public in June.

CEO Sundar Pichai said in a statement: "Our investments in AI are redefining what is possible in every part of our business."

Nate Elliott, an analyst at eMarketer, described the results as "impressive," especially regarding AI.