Despite beating the expectations, the revenue dropped
Alphabet's Q2 results came in on the busiest days for tech companies, with Amazon and Apple announcing their financial results as well.
Google’s parent posted revenue of $38.297 billion, 2% lower than last year's $38.944 billion, exceeding the $37.33 consensus. However, this marked its first-ever revenue drop.
The company's net income came in at $6.959 billion, or $10.13/ share, lower than the same time last year of $9.947 billion, or $14.21 EPS. From the EPS perspective, it exceeded $7.94.
Revenue from Google ads slipped 8% to $29.867 billion from $32.494 same quarter last year. One of the biggest beneficiaries of this unprecedented situation was the cloud division, which gained 43% to $3 billion, from last year's $2.1 billion.
YouTube’s non-advertising revenue gained 26% to $5.124 billion, from a previous $4.08 billion.
In after-hours trading, the stock price went up 0.56%. Since the beginning of the year, the share added 15%.
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Sources: edition.cnn.com, thestreet.com
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