Driven largely by growth in its cloud-computing unit, Alphabet reported earnings per share (EPS) of $1.44 U.S. versus $1.34 U.S. that had been expected on Wall Street.
Revenue for the quarter ended June 30 came in at $74.6 billion U.S. compared to $72.82 billion U.S. that had been forecast by analysts who cover the company, according to Refinitiv data.
Among Alphabet’s various business units, the company reported that its YouTube advertisement revenue totaled $7.67 billion U.S. versus $7.43 billion U.S. that was expected.
Google Cloud’s revenue in the period amounted to $8.03 billion U.S. compared to $7.87 billion U.S. that was forecast.
For the fourth straight quarter, Alphabet reported growth in the single digits as it deals with a pullback in digital advertising that reflects a slowing global economy.
Analysts expect Alphabet’s growth to return to double digits in this year’s fourth quarter.
Other Bets, which includes the Waymo self-driving car division and the Verily life sciences unit, reported a 48% increase in revenue to $285 million U.S. in Q2. However, the division still lost $813 million U.S. in the April through June period.
Separately, Alphabet announced that Ruth Porat, the company’s Chief Financial Officer (CFO), will be leaving that role after eight years to assume the newly created position of President and Chief Investment Officer (CIO).
Porat will remain CFO while the company searches for her successor in that role.
Prior to today, Alphabet’s stock had gained 37% this year to trade at $122.21 U.S. per share.
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