Categories AlphaGraphs, Earnings, Technology
Alphabet reverses ad revenue deceleration trend in Q2, stock rises
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.
READ: It’s Google 1-0 Amazon in the European Smart Home market
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.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
PG Earnings: Procter & Gamble Q3 profit climbs, beats estimates
Consumer goods behemoth The Procter & Gamble Company (NYSE: PG) announced financial results for the third quarter of 2024, reporting a double-digit growth in net profit. Sales rose modestly. Core
AXP Earnings: All you need to know about American Express’ Q1 2024 earnings results
American Express Company (NYSE: AXP) reported its first quarter 2024 earnings results today. Consolidated total revenues, net of interest expense, increased 11% year-over-year to $15.8 billion, driven mainly by higher
Netflix (NFLX) Q1 2024 profit tops expectations; adds 9.3Mln subscribers
Streaming giant Netflix, Inc. (NASDAQ: NFLX) Thursday reported a sharp increase in net profit for the first quarter of 2024. Revenues were up 15% year-over-year. Both numbers exceeded Wall Street's
Comments
Comments are closed.