Wednesday’s report follows Alphabet’s better-than-expected Q1 release earlier this year, in which the company reported year-over-year growth of 12% and 49% for its top and bottom lines, respectively, after Google’s search unit generated more in sales than analysts projected.

Alphabet on Wednesday cited massive demand for its cloud computing services as it hiked its capital spending plans for the year to about $85 billion and predicted a further increase next year. The sea

Search giant Alphabet strongly beat estimates for quarterly revenue and profit on the back of new AI features and a steady digital advertising market.