Business Google News

Google Beats Street Estimates To Report $6.99 EPS, Stock Rallies 11 Percent

Share on Facebook
Tweet about this on TwitterShare on Google+Share on StumbleUponShare on LinkedInPin on PinterestShare on Reddit

Google’s stocks rallied up 11 percent on the back of search giant’s Q2 earnings call, wherein it reported a better than expected adjusted earnings per share of $6.99. The wall street had expected for a $6.70 EPS for Google.

Apart from that, Google also beat Wall Street estimate of $14.27 billion in ex-TAC (excluding traffic acquisition costs) revenue, by reporting $14.35 Billion on that front. As a result of these announcements, Google’s stocks rallied up by 11 percent, as on 2 P.M. PT).

Google’s new CFO Ruth Porat, for whom this was the first quarter at that position with Google, said,

Our strong Q2 results reflect continued growth across the breadth of our products, most notably core search, where mobile stood out, as well as YouTube and programmatic advertising. We are focused every day on developing big new opportunities across a wide range of businesses. We will do so with great care regarding resource allocation.

As for other numbers, Google’s revenue grew by as much as 11 percent, as compared to the same period a year ago, while its total profit on an adjusted basis totaled $4.82 billion, and $3.93 billion using normal accounting techniques.

As for current cash and equivalents, Google ended this quarter with $69.7 Billion on that front.

Google lately, has been focussing a lot on Research and Development. Moreover, for companies as big as Google, it is seen quintessential to spend on R&D for a better business and overall public image. Google spent a massive $2.78 billion on R&D, which includes all of its project outside its core business domains.

Youtube continues to be the behemoth it isn video streaming, recording a massive 50 percent growth in mobile watch time viewership.

Upon closing, Google was valued at a massive $390 Billion, which is almost $11 billion more than closest rival Microsoft. The top continues to remain with Apple, with margins pretty much out of reach for any competitor right now.

Editor-at-large and co-founder at The Tech Portal. He is a tech enthusiast with interests in new-age technology fields like Ai, Machine Learning, AR/VR, Outer Space and related stuff. Drop him a mail anytime, very reachable.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *