Google parent Alphabet beats profit estimates on ad sales surge

The company posted adjusted earnings of $10.58 per share, excluding the impact of equity investments and European antitrust regulators` record $5 billion fine for abusing its dominance in mobile software. Google is appealing the ruling.

Google parent Alphabet beats profit estimates on ad sales surge
Alphabet shares were up 6 per cent in trading after the bell. Image source: Reuters
By Reuters
Updated: Tue, Jul 24, 2018
08:38 am
Reuters
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Alphabet Inc beat Wall Street estimates for second quarter profit on Monday as it benefited from soaring sales of online advertisements, sending shares 6 percent higher in trading after the bell.

The company posted adjusted earnings of $10.58 per share, excluding the impact of equity investments and European antitrust regulators` record $5 billion fine for abusing its dominance in mobile software. Google is appealing the ruling.

When including the fine, second-quarter net income fell to $3.20 billion, or $4.54 per Class A and B common share and Class C capital share, from $3.52 billion, or $5.01 per share, a year earlier.

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Revenue jumped to $32.66 billion from $26.01 billion. Analysts on average had expected revenue of $32.17 billion and earnings of $9.52 per share, according to Thomson Reuters.