Alphabet topped expectations and announced a new $50 billion stock buyback program
Google’s parent company reported an EPS of $26.29 on revenues of $55.31 billion, marking a 34% increase from last year’s figures. Analysts were looking for $15.82 earnings per share and $51.70 billion in revenues.
The company reported advertising revenue of $44.68 billion, marking a significant increase from a previous $33.76 billion. It is the fastest annualized growth rate in at least four years. YouTube ads also reported a 49% rise from a year ago, the figures coming in at $6.01 billion.
While the abovementioned business segments came ahead of consensus, Google Cloud revenue came in line with Wall Street’s expectations - $4.05 billion, a 46% increase year over year.
The market reacted positively to the news, Alphabet stock price gaining more than 4% in after-hours trading.
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