Nasdaq set to hit record high as Alphabet lifts techs

Virginia Carson
July 24, 2018

Shares of Google's parent company Alphabet jumped more than 5% in after-hours trading Monday, hitting a new record high, following the company's second-quarter earnings report that topped Wall Street's expectations.

In the same quarter past year, Alphabet reported earnings of $8.90 per share, excluding a $2.7 billion regulatory fine the European Union imposed on the tech giant.

Revenue was $32.7 billion, an increase of 26 percent over the same period past year. The EU Competition Commission found that Google violated antitrust regulations by requiring that phone manufacturers install certain Google apps on Android phones (like Search and Chrome), pay these manufacturers to limit the installation of Search apps on their phones to Google Search, and ban the release of handsets using unapproved versions of Android.

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Vestager said Google waited at least a year too long to reach out. The company is selling more ads as its YouTube video service and Google search grow globally, he said.

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).

The monster quarter came despite a regulatory backlash in Europe, rising questions about Google's massive data collection and clashes with advertisers over inappropriate content on YouTube. Android Oreo 8.0 first arrived for the general public in August past year. The pace is accelerating: it only took ~1 month to add the last million miles, vs. 2 mos from 6 million to 7 million miles and 16 months from 1 million to 2 million miles.

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Without the fine - which is being appealed by the company - profit would have been $8.3 billion. "I'm confident that we can find a way to make sure Android is available at scale to users everywhere", he said. Google is appealing the ruling.

"We delivered another quarter of very strong performance", said Alphabet Chief Financial Officer Ruth Porat.

"One of the biggest opportunities for investment continues to be in our ads business", Porat told analysts on the earnings call.

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Alphabet has been aggressively looking to expand in several other avenues, right from cloud computing to computers to the voice assistant market, dominated by Amazon's Alexa. The largest Ad Revenue-based 'Net business has now averaged 23% growth for 34 (count 'em) straight quarters & shows no signs of slowing.

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