Alphabet Q2 earnings miss estimates
Google parent company Alphabet (Ticker: GOOG, GOOGL) reported second-quarter earnings on Tuesday, 26th of July. Missing estimates in revenue and EPS, beating ad revenue expectations.
Disclaimer - Nothing in this post is financial advise
Alphabet reported $69.6 billion in revenue, up 13% year-over-year, missing estimates of $70.3 billion. Also stated that foreign currency movements affected year-over-year revenue growth rates by 3.7%.
The technology giant reported EPS of $1.21, missing estimates of $1.32.
EPS was down 11% compared to last year's reported earnings.
Alphabet Ad revenue tops expectations
Total Ad revenue came in at $56.29 billion, beating analysts' expectations of $56.14 billion.
Google Search & others earned $40.689 billion, up 13% year-over-year
YouTube ads earned $7.340 billion, up 4.8% year-over-year
Google Network earned $8.259 billion, up 8.5% year-over-year
Google Cloud revenue surging
After all, Google Cloud revenues increased by a whopping 36% year-over-year to $6.28 billion. Still light on analysts' estimates which expected cloud revenue of $6.32 billion for the period.
Disclaimer - Nothing in this post is financial advise
Shares of Alphabet jumped 4% in after-hours trading after the company released its earnings. With Tuesday's close, the stock has fallen around 27% year-to-date. More about Alphabet in our latest analyzes: https://www.dollar-thinking.com/post/tech-giant-alphabet
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