Connect with us

Hi, what are you looking for?

Stock

Alphabet Q2 results were the ‘star of the night’: Jefferies analyst

Shares of Alphabet Inc (NASDAQ: GOOGL) are up 3.0% in extended trading after the tech behemoth said its Q2 ad revenue was up on a year-over-year basis.

Alphabet Q2 results: a brief recap

Net income printed at $16 billion versus $18.5 billion last year
Per-share earnings of $1.21 were down from $1.36 in Q2 of 2021
Revenue (ex-TAC) jumped about 13% YoY to $57.5 billion
Consensus was $1.27 of EPS on $57.6 billion in ex-TAC revenue
Ad sales and cloud revenue went up 12% and 37%, respectively

What else was interesting

Search brought in $40.7 billion, up 14% from the same quarter last year while YouTube ad sales saw an annualised growth of 5.0%, as per the earnings press release.

The American multinational saw its operating profit margin slip from 31% to 28% this quarter. Still, Virtus Investment Partners’ Joe Terranova said on CNBC’s “Closing Bell: Overtime”:

[Alphabet] has very strong capital allocation strategy. It’s buying back significant amounts of shares. That’s critical in the environment that we’re in now where growth is slowing.

Jefferies’ Jared Weisfeld reacts

It was the second consecutive quarter for Alphabet Inc to report a year-over-year hit to earnings. The last time it happened was in 2015 and even that was on a smaller scale. Reacting to the earnings report on CNBC’s “Fast Money”, Jefferies’ Jared Weisfeld said:

Alphabet print I thought was the star of the night. Expectations were lowered after Snapchat. But this is a business that’s levered to advertising growth and we’re seeing pretty broad-based strength in the current quarter.

Google stock is down more than 25% from its year-to-date high.

The post Alphabet Q2 results were the ‘star of the night’: Jefferies analyst appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Stock

    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...

    Economy

    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...

    Economy

    U.S. District Court Judge Reed O’Connor recently ruled to uphold the rights of employers granted in the Religious Freedom Restoration Act, rather than uphold...

    Disclaimer: Dealwithbiz.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 Dealwithbiz.com