Alphabet (NASDAQ: GOOG, GOOGL), the parent company of search giant Google, on Thursday reported 19% growth in second-quarter revenues to $38.9 billion, surpassing the Wall Street projection of $38.17 billion. Advertising revenues grew 16%, ending a three- quarter streak of year-over-year growth deceleration.
Despite currency headwinds, adjusted earnings for the quarter grew to $14.21 per share, from $11.75 per share a year ago. This came in far ahead of the street view of $11.30 per share.
GOOGL shares jumped 6.5% following the earnings announcement. The stock has gained 8% in the year-to-date period, compared to 19.5% gains recorded by the S&P 500 index.
The company’s Other Revenues segment, which comprises of Google Cloud, Google Play and hardware sales, spiked 40% to $6.18 billion.
In the other bets segment, where the company spends money on new and innovative, but not-yet-profitable operations, revenue improved 11% to $162. Meanwhile, operating losses from this segment widened to $989 million, from $732 million a year ago.
It’s been a pretty bumpy ride for the Google-parent over the past few weeks. The US Justice Department recently said it was planning to relaunch an anti-trust probe into the firm. Separately, the calls to break down big tech firms have been louder than ever before.
Levi Strauss & Co. (NYSE: LEVI) reported a 4% increase in earnings for the first quarter of 2020 helped by lower income tax expenses despite a rise in operating expenses.
The recent travel restrictions have taken a heavy toll on the tourism industry, leaving almost all destinations deserted. Vail Resorts Inc. (NYSE: MTN), a leading operator of mountain ski resorts,
Shares of Boeing Co. (NYSE: BA) were up 13% in afternoon hours on Monday. The stock is down 63% from its 52-week high of $391. As the aviation industry suffers