Alphabet Earnings: What to Watch

Google's attempt to settle its antitrust case in Europe was too little and too late

Business Insider has contacted Google for comment. The shares surged to a record high.

On Monday, Alphabet reported $11.75 in second-quarter earnings per share, about $2 above the consensus estimate, excluding a $5.07 billion European Commission fine for antitrust violations related to the company's Android operating system.

Nowak today lifted his Alphabet price target to $1,325 from $1,250 while maintaining an Overweight rating.

Google also appears to be emerging from a period of doubt surrounding the transition to mobile, where advertising revenue is harder to come by. That had quelled analysts' expectations ahead of the results on Monday. Without the penalty, Alphabet's profit would have been $8.3 billion. Google plans to contest the ruling.

Profit dipped 9.3 per cent to US$3.2 billion in the second quarter after accounting for the European Union fines, the company said.

Google added over 13,000 employees since Q2 2017, now putting the total headcount for the company at over 89,000 - Google says this was primarily in the cloud portion of the business.

"I'm confident we find a way to make sure Android is available at scale to users everywhere", Mr. Pichai said during the call with analysts.

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The European Commission hit Google with a 4.3 billion euro ($5 billion) fine last week for abusing the dominance of its mobile operating system.

"There has been a change in the Alphabet story".

Built on the strength of its advertising empire, Google saw surprisingly strong growth.

Revenues meanwhile jumped 26 percent from a year ago to $32.7 billion, better than most analysts expected. While that's nearly three times the S&P 500 Index's gain, it trails Netflix, Inc. and even Facebook Inc., which is trading near a record after rebounding from a data-privacy scandal in March sparked consumer backlash and regulatory scrutiny.

Pichai highlighted rising use of the company's digital maps, particularly in emerging markets. You can use them to surf otherwise seedy public WiFi with more security and privacy. While the second quarter was challenging, the results could have been far worse. Google's capital expenditures doubled to $5.48 billion from the year-ago quarter, while the operating loss at its "other bets" segment grew to $732 million from $633 million. That's probably not a major concern to Alphabet, as the company doesn't expect those other bets organizations to be turning a profit immediately.

The sums Google pays out to websites and mobile partners to distribute its search engine and ads - called Traffic Acquisition Costs - also rose to US$6.4 billion for the quarter. This quarter, ads represented just 84 percent of Google's overall revenues. Google's Other revenues -which now includes the smart thermostat business Nest - were $4.23 billion. However we don't get to see the various segments of the business in these financials.


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