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Google Soars To 3-Mo Highs After Top- & Bottom-Line Beat, More Buybacks

Courtesy of ZeroHedge. View original post here.

Share of Google parent Alphabet are up 6% after-hours following a better than expected print in top- and bottom-line.

Alphabet said second-quarter sales, excluding payments to partners, came in at $31.71 billion. Analysts were looking for $30.84 billion, according to data compiled by Bloomberg.

Sales from Google’s own online properties, including Search and YouTube, climbed 18% to $27.34 billion.

“Our effort to build a more helpful Google for everyone brings countless opportunities to help users, partners, and enterprise customers every day,” said Sundar Pichai, Chief Executive Officer of Google.

“From improvements in core information products such as Search, Maps, and the Google Assistant, to new breakthroughs in AI and our growing Cloud and Hardware offerings, I’m incredibly excited by the momentum across Google’s businesses and the innovation that is fueling our growth.

Cost-per-click fell only 11% on the year, and paid clicks on Google properties (like search and YouTube) were up 28%.

"With revenues of $38.9 billion, up 19% versus the second quarter of 2018 and up 22% on a constant currency basis, we’re delivering strong growth," said Ruth Porat, Chief Financial Officer of Alphabet and Google.

"Our ongoing investments in compute capabilities and engineering talent reflect the compelling opportunities we see across the company."

Alphabet's Effective Tax Rate fell from 24% to 18%…

Additionally, Alphabet authorized an additional $25 billion in share buybacks.

That was all a welcome relief from the first quarter of this year, when Google missed Wall Street revenue expectations and saw its shares plunge.

Investors love it…


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