Alphabet Shares up 2% Despite Q2 Earnings Miss on Strong Search and Cloud Results By

© Reuters. Alphabet Shares Up 2% Despite Q2 Earnings Miss on Strong Search and Cloud Results

By Davit Kirakosyan

Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) reported its Q2 results after the close Tuesday, with EPS of $1.21 coming in worse than the consensus estimate of $1.28. Revenue grew 13% year-over-year (or 16% on a constant currency basis) to $69.69 billion, compared to the consensus estimate of $70.04 billion.

Google Search revenue was $40.689 billion, versus $35.845 billion in the same quarter last year. Google YouTube ads revenue was $7.34 billion, versus $7 billion last year. Google Cloud revenue was $6.276 billion, versus $4.628 billion last year.

"In the second quarter our performance was driven by Search and Cloud," CEO Sundar Pichai commented. "The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes. As we sharpen our focus, we’ll continue to invest responsibly in deep computer science for the long-term."

Despite the miss, the company’s shares were trading more than 2% higher after-hours.

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