Google’s parent company beats revenue estimates on higher ad sales

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Google’s parent company beats revenue estimates on higher ad sales GlobeBusiness

Google parent company Alphabet reported financial results Thursday.Alphabet Inc reported quarterly revenue and earnings that beat expectations on Thursday, easing concerns about the short-term growth challenges facing Google, YouTube and the company’s other advertising businesses even as it faces antitrust investigations.

Shares rose 6.6 per cent to $1,210.88 following the results in after-hours trade, after closing about flat.The results brought Alphabet closer to the 20 per cent revenue growth it had generated for several years before posting 17 per cent growth in the first quarter this year, which had sent shares falling.

In the first quarter, executives said results were affected by exchange rates for foreign currency, competition and an unspecified product change that had boosted results in the year-earlier period. The company’s net income for the second quarter rose to $9.95 billion, or $14.21 per share, from $3.2 billion, or $4.54 per share, a year earlier, when it recorded a $5 billion charge related to a fine by European antitrust regulators for abusing its dominance in mobile software. Analysts’ average estimate for quarterly net income was $8.024 billion, or $11.32 per share.

 

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