Alphabet’s revenue rebounds, stocks jump
Internet content giant reported solid second-quarter results on the strength of improving growth in its Google online advertising business.
The company’s results eased investors’ concerns and sent stocks 8% higher
Stocks impacted: Alphabet Inc. (GOOGL)
Alphabet reported $38.9 billion in revenue, beating analyst consensus expectations of $38.1 billion. As a reminder, in the first quarter, it recorded its first revenue miss since 2012. Earnings per share (excluding items) came in at $14.21 while analysts had expected $11.30. The growth of the Google advertising business improved to 19% year-over-year from the 17% year-over-year in the first quarter. In its earnings release, Alphabet did not mention any government investigations. However, investors still have a reason to worry as the Federal Trade Commission is looking into antitrust claims around Google’s advertising business while the Department of Justice recently announced plans for a wider investigation of large tech companies.
Make profit on it right now!