Alphabet Inc. (GOOGL), parent of search giant Google, is enjoying some its highest earnings and revenue growth rates in recent years. Sundar Pichai, CEO of Google and Alphabet, said: “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience.”
- Revenue of $61.88B (+61.6% Y/Y) beats by $5.8Billion
- Google Services revenue of $57.06B vs. $51.95B consensus, TAC of $10.91B vs. $9.07B
“Our strong second-quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend,” Alphabet Chief Financial Officer Ruth Porat said in a statement
search led the way with $35.85 billion in sales, compared with $21.3 billion in the same quarter a year ago. YouTube ad sales surged 84% year-over-year to $7 billion.
Most analysts seem highly optimistic about smartphone sales, following an outstanding post-holiday quarter.
Search was the big breadwinner, again, with $31.9 billion in sales, compared with $24.5 billion in the same quarter a year ago. YouTube ad sales jumped 49% year-over-year to $6 billion.
CWEB Analyst’s have initiated a Buy Rating for Google (GOOGL) and potential upside of $3500 by 2021. Search was the big breadwinner compared with $24.5 billion in the same quarter a year ago.