25th July, 2019
Google shares rose about 8 percent in post-market trading after blowing past analyst expectations in Q2 and announcing a $25 billion share buyback.
The company reported revenue of $31.7 billion, nearly $1 billion above Wall Street’s consensus expectation.
Analysts were also worried the company’s advertising business would continue to slow, but revenue growth of 19% surpassed the 15% consensus estimate.
The key numbers:
Net Revenue (excluding traffic acquisition costs): $31.7 billion, up 20.8% year over year, and higher than the $30.84 billion that analysts expected.
Earnings per share: $14.21, compared with $11.19 expected by analysts.
Total advertising revenue: $32.6 billion, compared with $28.1 billion last year.
Capital expenditure: $6.1 billion, compared with $5.4 billion during the same period last year.
The earnings results come days after the US Justice Department announced an anti-trust investigation into “online platforms.”
The Tuesday announcement wiped out $33 billion worth of market cap from Facebook, Amazon, Apple, and Google.
Reported by BusinessInsider.com
