Alphabet hits a record high after earnings top expectations
Alphabet hits a record high after earnings top expectations
European Competition Commissioner Margrethe Vestager. Reuters
24 July, 2018, 21:39
The internet giant on Monday reported second-quarter profit of $3.2 billion even after accounting for the fine, imposed by the European Union earlier this month for abusing its market dominance On a per-share basis, the Mountain View, California-based company said it had net income of $4.54.
The Mountain View-based tech giant reported a net income of $3.2 billion, with non-GAAP earnings of $4.54 per share on revenue of $32.7 billion, when including traffic acquisition costs (TAC).
Google's results follow those of Microsoft, which reported a record quarter last Thursday, with a net income of $8.9 billion on revenues of $30.1 billion for the quarter ending June 30.
Last week, European Union officials slapped a 4.34-billion-euro ($5 billion) penalty on the U.S. tech giant for illegally abusing the dominance of its operating system for mobile devices.
Alphabet's stock rose 3.5 percent in after-hours trading, and some analysts recommended the company's shares.
'We delivered another quarter of very strong performance, ' chief financial officer Ruth Porat said.
Areas outside of Google's core ad business saw the strongest growth. Google is appealing the ruling.
The company's CEO Sundar Pichai said it was too early to understand the impact of the fines on Android's operations.
The internet search leader posted revenue of $32.66 billion USA in the period, up 26 per cent, driven by ad revenue from mobile searches. This quarter, ads represented just 84 percent of Google's overall revenues.
Company shares have benefited from easing regulatory concerns. Last year, I wrote that the company doesn't expect to be paying such fines on a regular basis, but that's proven to be wrong this year.
Both Alphabet's headcount and taxes increased.
European authorities ordered Google to stop effectively requiring phone-makers in Europe to install Google's search engine and Chrome internet browser on their devices in order to use the Android software.
Alphabet trails Facebook, Amazon and Twitter Inc in valuation as measured by the ratio of enterprise value to expected earnings.
Which brings us, of course, to Google.
A larger share of Google's ad dollars went to its own digital properties, including the search engine and YouTube, rather than outside websites that run its ads.
Naturally, Alphabet is presenting this info with some context, giving revenue and profit numbers for Q2 of 2017 and 2018 excluding those hefty fines.
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