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%.
Read more financial news on CAPEX.com!
Sources: edition.cnn.com, thestreet.com
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.