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Google just showed Wall Street growth where it needed to — in its non-ads business

Looking to the cloud.

Google Hosts Its Annual I/O Developers Conference Justin Sullivan / Getty

Facebook isn’t the only tech giant keeping Wall Street happy.

Google parent Alphabet reported its second-quarter earnings today and, like Facebook yesterday, delivered numbers above the Street’s expectations.

More importantly for core Google, the company reported a 33 percent increase in its “other revenues” — sales from its enterprise unit, Play digital media store and hardware sales.

That total ($2.17 billion) is still just around 11 percent of its gargantuan ads business — so, relatively tiny. But its growth has typically been around 24 percent in prior quarters. So that jump is a good sign for Google’s ability to find another cash source in addition to search ads.

Google’s core business reported $17.53 billion in sales (minus partner site payouts) with profit of $8.42 a share. Analysts were expecting profit around $8 a share on $16.9 billion in net sales.

Alphabet’s far-flung “Other Bets” units reported revenue of $185 million and operating losses of $859 million, versus $75 million in revenue and an operating loss of $574 million in the same period last year.

Alphabet in its entirety added over 2,000 employees this quarter, bringing its total up to 66,575.

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