Alphabet hits a record high after earnings top expectations
Alphabet hits a record high after earnings top expectations
Google parent Alphabet sees record highs despite EU fine
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%.
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.
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The firm is less focused on one-time reductions for this quarter as it is on reaching a "more sustainable long-term cost basis". Tesla may have finally hit its production target of the Model 3 , but the company is not yet out of the woods.
Still, industry analysts said it is unusual for automakers to request refunds for two previous years, as Tesla has demanded. The plea raises questions about the company's cash position, which has dwindled following some production issues.
An incident report from the Missouri State Highway Patrol says none of the 31 people on board was wearing a life jacket. I can't keep drowning, I just can't keep drowning cause that's how I felt", said Coleman from her hospital bed.
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He ran in the exit door of the Trader Joe's, looked back at the street and saw two police officers shooting at a man, he said. According to police, the suspect then dragged his girlfriend, 20, into his grandmother's vehicle and fled the scene.
Lochte said he was receiving vitamins, a permitted substance , to enhance his immune system as his wife and child were both ill. His latest ban runs until July 2019 having been backdated to 24 May, the date he received the prohibited intravenous infusion.
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