Finance
Alphabet hits a record high after earnings top expectations
Shares of Google’s parent company Alphabet jumped more than 5% in after-hours trading Monday, hitting a new record high, following the company’s second-quarter earnings report that topped Wall Street’s expectations.
Here are the important numbers:
- Adjusted Earnings: $11.75 per share compared to an expected $11.68.
- Revenue ex-TAC: $26.24 billion (excluding traffic acquisition costs) compared to an expected $25.55 billion.
TAC, an important metric in Google’s ad business, crept up to 23% of ad revenue in Q2, up slightly from the 22% reported during the same period last year.
“We delivered another quarter of very strong performance,” Ruth Porat, Alphabet’s chief financial officer, said in a press release. “Our investments are driving great experiences for users, strong results for advertisers, and new business opportunities for Google and Alphabet.”
Last week, the European Union hit the search giant with a record-breaking $5 billion fine. The EU accused the company of abusing its dominant Android mobile-operating system to cement the popularity of Google apps and services. The penalty is equal to about 40% of Google’s $12.62 billion profit in 2017.
Net income came in at $3.2 billion, down from $3.5 billion in the same quarter of 2017, largely due to the European fine.
Still, analysts say the penalty won’t have a material impact on Alphabet, but is largely “a pro-Amazon ruling.”
-
Business7 days ago
Humanoid robots are learning to fall well
-
Entertainment6 days ago
2024 summer TV preview: 33 TV shows to watch this summer
-
Business6 days ago
Google Gemini: Everything you need to know about the new generative AI platform
-
Business4 days ago
Haun Ventures is riding the bitcoin high
-
Entertainment5 days ago
‘Bridgerton’: Everything you need to remember before Season 3
-
Entertainment4 days ago
Hands-on with the Claude AI app: It’s pleasant to use, but janky
-
Entertainment3 days ago
5 essential gadgets for turning your home into a self-care sanctuary
-
Business6 days ago
Indian ride-hailing giant Ola cuts 180 jobs in profitability push