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Alphabet Earnings: GOOGL Stock Boosted as Q2 EPS Shatter Expectations

Shares increased about 8% late Thursday

Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL) reported its quarterly earnings results late Thursday, amassing a profit that blew Wall Street’s guidance out of the water, while traffic acquisition costs were below expectations–GOOG and GOOGL stock each soared after hours.

Alphabet Earnings
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The Mountain View, Calif.-based tech conglomerate said that for its second quarter of its fiscal 2019, it amassed a profit of $14.21 per share on an adjusted basis. Analysts predicted the business would tally in earnings, excluding certain items, of about $11.30 per share, according to a survey of analysts compiled by Refinitiv.

Revenue totaled approximately $38.94 billion for the Google parent company during the three-month period, exceeding the $38.15 billion that Refinitiv’s poll predicted. Alphabet’s traffic acquisition costs during the period arrived at $7.24 billion, a touch below the $7.27 billion that Wall Street projected, per a StreetAccount survey.

Other notable quarterly metrics include advertising revenue of $32.60 billion, a 16% gain year-over-year, while its paid clicks on Google properties surged 28% when compared to the year-ago period. Other Google revenue — including smartphones, cloud and more — rose to $6.18 billion, a 39.5% gain when compared to the year-ago period.

Alphabet also revealed that its board of directors green-lit a plan to repurchase up to an additional $25 billion of its Class C capital stock.

GOOGL stock is up 8% after hours today following these results, while GOOG shares increased 7.9%.

Article printed from InvestorPlace Media, https://investorplace.com/2019/07/alphabet-earnings-googl-stock-goog/.

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