Alphabet, Google’s parent company, has today released their Q2 earnings report. The report shows strong growth for the company, showing a profit despite a massive $5 billion USD fine in the European Union.
The company earned $32.7 billion USD in Q2 2018, a 26% year over year increase on the second quarter of 2018. Alphabet reported an operating income of $2.8 billion USD, though if you take into account the $5 billion USD EU fine, that would make for almost $8 billion USD last quarter.
Ruth Porat, CFO of Alphabet and Google said ‘Our investments are driving great experiences for users, strong results for advertisers, and new business opportunities for Google and Alphabet’.
Alphabet listed $4.4 billion USD for their hardware, cloud and Play store, a 36.5% year over year increase, something that’s especially of note to investors. The other number of note was ‘Other Bets’, which posted revenue of $145 million USD – an increase from $97 million USD in Q2 2017. The downside is that the company posted an Operating Loss of $732 million USD.
Investors are apparently pleased with the earnings report, with the earnings report with the market showing a 3.21% jump in the share price for GOOG listing in after hours trading.
The Google team, including Sundar Pichai and Ruth Porat will be running the Earnings Call for the report in the video below: