Google Cloud CEO Kurian says customers are spending 50% more as segment blows away expectations

Google's cloud chief Thomas Kurian said the company's existing customers are shelling out "roughly 50% more" than they've already committed to spend on its products, which helped drive its red-hot cloud growth during the second quarter. "Our existing customers have increased their spend when they make a commitment to us," Kurian told CNBC's Jim Cramer on Thursday. "They're spending roughly 50% more than the commitment, and so it comes down to the differentiation in our product portfolio, the strength we have in our go-to-market execution, and you see that in both top line and operating income growth." Kurian's comments come after Google parent Alphabet posted better-than-expected revenue for the second quarter on Wednesday, helped by growth of 82% year-on-year in its cloud business. Demand for its cloud services is strong enough that the company plans to call on third-party providers to fill in extra capacity so that it can keep growing its customer base, even though it will hurt margins. That drove shares of neocloud providers CoreWeave and Nebius higher. Google This is breaking news. Please refresh for updates.