Monday, 12 November, 2018

Alphabet hits a record high after earnings top expectations

Alphabet posts huge 25% increase in revenue, investors shrug off impact of EU fine Google parent Alphabet sees record highs despite EU fine
Orlando Vargas | 24 July, 2018, 14:43

Google's parent company Alphabet announced last night that it has posted a net profit of $3.2 billion on revenues of $32.7 billion in the quarter ending June 30.

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. Google has said it will appeal the EC decision. Deutsche Bank also cautioned last week that Alphabet's report could be "slightly tricky" for investors to decipher as analyst estimates for revenue don't appear to reflect recent currency fluctuations.

Alphabet earned $32.7bn in revenue in the three months to the end of June, up 26% from the same period past year.

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

The European Commission has demanded big changes to the Android platform, changes that once implemented could impact Google's huge gains in search revenues.

That doesn't seem to have investors too anxious, though, as the pre-fine numbers beat expectations by a large margin, driving up Alphabet's stock price in after-hours trading by 5%.

Alphabet posts huge 25% increase in revenue, investors shrug off impact of EU fine

Which brings us, of course, to Google. Earnings, adjusted for non-recurring costs, came to $11.75 per share.

Pichai says the retailer "is migrating key areas of its business to the Google Cloud platform".

Google's dominance in online advertising has been challenged this year by the antitrust battle over its Android mobile software and other regulatory actions. YouTube, a Google-owned streaming service, has increased spending on video content to keep consumers from shifting to offerings from Netflix Inc and expanding media conglomerates such as AT&T Inc.

A logo is pictured at Google's European Engineering Center in Zurich, Switzerland July 19, 2018.

In a call with analysts to discuss Alphabet's latest earnings, CEO Sundar Pichai emphasized the company's growing use of artificial intelligence to improve Google's news delivery, mapping and photo features.

Shares of Alphabet have gained 13 percent this year, compared with 16 percent for Facebook, 51 percent for Amazon and 76 percent for Twitter.

Federal Bureau of Investigation releases Carter Page surveillance warrant documents
Page departed from Trump campaign in September 2016 after reports of his links to Russian officials have surfaced in the media. Sanders insisted that Trump was "referencing the [Trump campaign] collusion component" and not Russian election interference.


Longest lunar eclipse of the century set to arrive Friday
Additionally, near the eclipsed "blood moon" on Friday will be the " red planet " Mars shining at its brightest in 15 years. On Friday, the world will witness the longest lunar eclipse to date, which will last for 1 hour and 45 minutes.


Trump warns Iran of dire 'consequences' as war of words escalates
Prominent Iranian analyst Seed Leilaz downplayed the war of words , saying he thinks it was "the storm before the calm". And Iranians have heard them -albeit more civilized ones-for 40 yrs.


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