, July 23 -- 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, particul...