Alphabet (NASDAQ:GOOGL,GOOG) earnings for first quarter of 2020 have GOOGL stock heading higher after-hours Tuesday. That’s despite its adjusted earnings per share (EPS) of $9.87 sitting below Wall Street’s estimate of $10.33. However, the tech company’s revenue of $41.16 billion is above analysts’ estimates of $40.38 billion.
Now let’s look at some more highlights from the most recent Alphabet earnings report.
- Adjusted per-share earnings are down 17% from $11.90 during the same time last year.
- Revenue for the quarter comes in 13% higher than the $36.34 billion in the first quarter of 2019.
- Operating income of $7.98 billion is a 20.7% increase year-over-year from $6.61 billion.
- The Alphabet earnings report also includes a net income of $6.84 billion.
- That’s a 2.7% jump from the company’s net income of $6.66 billion in the same period of the year prior.
Ruth Porat, CFO of Alphabet, said this about the Q1 earnings report:
“Our business, led by Search, YouTube, and Cloud, drove Alphabet revenues to $41.2 billion, up 13% versus last year, or 15% on a constant currency basis. Performance was strong during the first two months of the quarter, but then in March we experienced a significant slowdown in ad revenues. We are sharpening our focus on executing more efficiently, while continuing to invest in our long-term opportunities.”
Alphabet will be going over the results of its earnings report at 4:30 p.m. Eastern Time. Anyone wanting to can listen in via a live webcast on its website.
GOOGL stock was up 3.5% after markets closed on Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.