Google’s parent company, Alphabet Inc., reported better-than-expected second-quarter earnings, driven by strong growth in artificial intelligence (AI), digital advertising and cloud services.

The California-based technology company said on Wednesday that it earned $112.11 billion, or $9.11 per share, during the April-June quarter, up sharply from $28.2 billion, or $2.31 per share, in the same period last year.

Revenue increased 24 percent to $119.8 billion, compared with $96.43 billion a year earlier, exceeding Wall Street analysts’ average estimate of $117.06 billion, according to FactSet.

Alphabet said its net income was boosted by a $98 billion gain, mainly from increases in the value of its equity investments, particularly SpaceX, which went public in June.

“Our AI investments are redefining what’s possible across every part of our business,” Alphabet CEO Sundar Pichai said in a statement.

Industry analysts said the results highlight the company’s growing strength in AI.

Emarketer analyst Nate Elliott said Google’s AI chatbot Gemini is close to reaching one billion users, joining AI Overviews and AI Mode as major AI products. He also said growing demand for AI services is driving rapid expansion in Google Cloud, while strong search advertising performance suggests AI is strengthening, rather than replacing, Google’s core search business.

Advertising remained Alphabet’s biggest source of revenue, helped by strong demand linked to the FIFA World Cup, particularly on YouTube.

The company also reported solid growth in its cloud business, supported by rising demand for its AI products and services, including chips, AI models, data, security and AI agent platforms.

Following the earnings announcement, Alphabet shares rose $2.71 to $344.62 in after-hours trading.