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Alphabet Earnings: GOOGL Stock Ticks 1% Higher After Beating Q2 Estimates

GOOGL EPS and revenue are above estimates

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) earnings for the Google parent company’s second quarter of 2020 have GOOGL stock on the move after-hours Thursday. That’s due to its diluted earnings per share of $10.13 beating out Wall Street’s estimate of $8.21. The company’s revenue of $38.3 billion is also above analysts’ estimates of $37.37 billion.

letters spelling out google
Source: rvlsoft / Shutterstock.com

Here’s what else is worth looking at from the most recent Alphabet earnings report.

  • Diluted per-share earnings are down 28.7% from $14.21 in the same period of the year prior.
  • Revenue for the quarter is sitting 2% lower than the $38.94 billion reported in the second quarter of 2019.
  • Operating income of $6.38 billion is a 30.5% decrease year-over-year from $9.18 billion.
  • The Alphabet earnings report also has net income coming in at $6.96 billion.
  • That’s a 30.1% decline compared to the company’s net income of $9.95 billion from the same time last year.

Ruth Porat, CFO of Alphabet, said this about the current earnings results.

“In the second quarter our total revenues were $38.3B, driven by gradual improvement in our ads business and strong growth in Google Cloud and Other Revenues. We continue to navigate through a difficult global economic environment.”

Alphabet doesn’t bring up guidance during its Q2 earnings report. That makes sense as the novel coronavirus makes markets unpredictable. This has it following a trend alongside a wide array of other companies during the pandemic.

GOOGL stock and GOOG stock were up close to 1% after markets closed on Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/alphabet-earnings-q2-boost-googl-stock/.

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