Alphabet Q2 results top estimates; Shares jump
Investing.com — Alphabet reported on Tuesday second-quarter results that beat Wall Street estimates, driven by performance in its cloud business.
Alphabet (NASDAQ:GOOGL) was up more than 6% following the report.
The Google parent announced earnings per share of $1.44 on revenue of $74.6 billion. Analysts polled by Investing.com anticipated EPS of $1.34 on revenue of $72.82B.
The better-than-expected results were driven by advertising growth and stronger-than-expected growth in its cloud business.
Google Advertising climbed 3.2%, to $58.14B, with Google Search & other rising 4.8% to $42.63B, YouTube Adds up 4.4% to $7.67B, beating estimates of $7.43B.
Google Cloud was up 28%, to $8.03B, ahead of analyst estimates of $7.87B.
Traffic acquisition costs, or TAC, a major cost for Google, rose to $12.54B from $12.21B in the prior-year period.
The company also announced that chief financial officer Ruth Porat will assume the newly created role of President and Chief Investment Officer of Alphabet and Google from Sept. 1.
Ruth will be responsible for Alphabet’s investments in its other bets portfolio, the company added.
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