Google s parent Alphabet beats expectations despite European Union fine

24 July, 2018, 21:39 | Author: Teresa Adams
  • The results are likely to see Alphabet gain on Amazon and Apple in the race to become the first trillion dollar company
Credit
ELIJAH NOUVELAGE  AFP

Key to this, the firm saw its traffic acquisition costs fall for the first time in three years.

"Google reported a high-quality quarter in which the bulk of the top line outperformance vs. CS came from Websites (ongoing strength in mobile search, YouTube, as well as desktop search) followed by Network revenue (AdMob and programmatic)", the analyst Stephen Ju said. Even including the record fine, the company generated US$3.2 billion in net income during the second quarter. That was a little hire than the Thomson Reuters consensus estimate of $32.17 billion.

Google also has tweaked its comparison shopping service as it strives to comply with an European Union ruling from previous year, and it plans to soon release changes to how it handles political ads.

Finally, Google's "other revenues" segment - which includes the Play Store, hardware sales and a variety of other consumer-focused products - grew again, up 37 percent year-over-year to $4.4 billion in revenue.

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"We're pleased with the ongoing momentum in our advertising businesses", said Porat on a conference call for investors, adding that Alphlabet has high hopes for the positive impact of machine learning on its ad business. Excluding that, Alphabet said profit was US$11.75 a share. Oddly enough, however, Alphabet isn't spending much money to get those groups going - capital expenditures for Other Bets was a puny $10 million for the quarter, compared to $148 million a year ago.

Google also appears to be emerging from a period of doubt surrounding the transition to mobile, where advertising revenue is harder to come by.

Shares rocketed more than 4pc in after-hours trade, as the market welcomed the strong results, in what could be a sign investors tempered.

"We delivered another quarter of very strong performance", Ruth Porat, Alphabet's chief financial officer, said in a press release. CEO Sundar Pichai reiterated that the company plans to appeal the decision.

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A new privacy law enacted by the European Union in May led the company to revise user privacy disclosures and clamp down on how it shares data with advertising customers.

Both Alphabet's headcount and taxes increased. In the last quarter, Google opened regions in Los Angeles and Finland and announced a new region in Zurich. Google's advertising business grew 24 percent.

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

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