“We’re working to help people, businesses and communities in these uncertain times,” said Sundar Pichai, Chief Executive Officer of Google and Alphabet. “As people increasingly turn to online services, our platforms — from Cloud to Google Play to YouTube — are helping our partners provide important services and support their businesses.”
“In the second quarter our total revenues were $38.3B, driven by gradual improvement in our ads business and strong growth in Google Cloud and Other Revenues,” said Ruth Porat, Chief Financial Officer of Alphabet and Google. “We continue to navigate through a difficult global economic environment.”
- Google earnings were $10.13 per share (GAAP) beating analysts estimates of $8.22
- Gross revenue was $38.3 billions, falling 2% compared to analysts estimates of $37.3
- Cloud revenue reported at $3.01 billion compared to$3.06 estimates
- YouTube ad revenue was $3.81 billion compared to $3.7 billion estimates
- Traffic acquisition costs were $6.69 billion compared to $6.67 billion estimates
- On July 27, 2020, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $28.0 billion of its Class C capital stock.
Listen to the earnings conference call or view full financials here: https://abc.xyz/investor/
The companies stock price remained steady after hours on the slight beat of earnings.