Google Cloud revenue more than doubles to $30.71 billion on AI demand

Google Cloud revenue more than doubled to approximately $31 billion, driven by significant AI demand. However, Alphabet faced financial challenges with record capital expenditures of $51.4 billion and a negative free cash flow of $9.1 billion. Simultaneously, Microsoft reported a net income of $36 billion, supported by a 30% increase in cloud revenue. Notably, Microsoft transitioned to reporting earnings under two operating segments for the first time in over 25 years to reflect its current structure.