Morgan Stanley estimates YouTube grew revenue 60 percent year-over-year in second quarter.
YouTube was a standout of Google's second-quarter earnings on Thursday. With the help of the online video service, the tech giant's revenue increased 11 percent to $17.73 billion, pushing shares up 3.1 percent to $601.78 at Thursday's close of trading.
Just a few months ago, YouTube was said to be unprofitable in spite of generating $4 billion in revenue last year. But Google's earnings call made the case that YouTube is a key driver for the company's growth. CFO Ruth Porat cited "significant growth in YouTube revenues" and the benefits of TrueView, a type of video advertisement in which advertisers pay when viewers choose to watch an advertisement, not when an advertisement is viewed.