Earnings of Google parent Alphabet top Wall Street expectations

The results are likely to see Alphabet gain on Amazon and Apple in the race to become the first trillion dollar company
Credit
ELIJAH NOUVELAGE  AFP

Vestager said Google waited at least a year too long to reach out.

Google is still raking in marketing dollars from advertisers, propelling the online search giant to another strong quarter in the face of costly regulatory trouble in Europe.

Google also has tweaked its comparison shopping service as it strives to comply with an European Union ruling from a year ago, and it plans to soon release changes to how it handles political ads.

"There was never a question about Google's dominance of a buoyant digital ads market", said analyst Richard Kramer of Arete Research. Google's Other revenues -which now includes the smart thermostat business Nest - were $4.23 billion.

Operating income for the period was $7.9bn, up 15 per cent year on year, or $2.8bn if you subtract the $5bn (€4.3bn) fine for breaking European Union antitrust rules, down 32 per cent. Alphabet's operating margin was 24 per cent without the fine and 9 per cent with it, versus 26 per cent and 16 per cent a year ago, respectively. Its enterprise value, or market capitalization and debt minus cash, trades at 13 times expected earnings for the next 12 months, compared with about 14 times for Facebook, 24 times for Twitter and 26 times for Amazon, according to TR data. You can use them to surf otherwise seedy public WiFi with more security and privacy. "If Google continues to go unchecked, their dominance will be extreme". Google booked that charge in the same quarter a year ago - and posted a $3.5 billion profit. On a call with analysts, CFO Porat highlighted spending on sales and marketing for Google's cloud division, which is hosting its marquee conference later this week.

Epic Games teams with Funko for Fortnite Pop! figurines
Finally, players will need to dance in front of 10 different birthday cakes spread around the map to earn the birthday cake spray. A new SuperData report (via GamesIndustry.biz) shows that Fortnite has made more than $1 billion off in-game purchases alone.

Another good signーAlphabet also saw slowing growth in its so-called traffic acquisition costs, or how much the company pays to drive views to its sites.

"Alphabet also breaks out the revenues and losses for its 'Other Bets, ' like healthcare company Verily, internet service provider Fiber, and self-driving vehicle company Waymo". Still, that was 23 per cent of ad revenue, down from 24 per cent in the first quarter of 2018.

During its earnings call, CEO Sundar Pichai declined to answer any questions about how the EC's fine would impact its mobile business.

Revenue in Alphabet's "moonshot" Other Bets category came in at $145 million with operating losses rising to $732 million.

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