Google's stock jumps on earnings beat
Here's are the most important numbers:
- Gross revenue: $18.7 billion versus expectations of $18.53 billion. That's growth of 13% year-over-year
- Adjusted EPS: $7.35 vs analyst expectations of $7.21 per share
The beat on both the top and bottom line sent the stock soaring 10% after-hours.
CFO Ruth Porat writes in the release that Google is "excited about the opportunities ahead" particulary thanks to it six products that now have more than 1 billion users globally.
Parent company Alphabet has also authorized the company to repurchase up to $5 billion of Class C stock.
Here are the other important numbers:
- Google site revenues were $13.1 billion, up 16% year-over-year, while Google Networks revenues were $3.7 billion, up 4% year-over-year
- That brought the total advertising revenues to $16.8 billion, up 13% year-over-year
- Other revenues, which includes Google's enterprise business as well as Google Play Store revenues, were $1.9 billion, up 11% year-over-year
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This is the final quarter that Google will will report earnings as Google. The company recently restructured into the Alphabet holding company, and going forward, Alphabet will break out Google's core business from other subsidiaries like hardware maker Nest or moonshot lab Google X.
This will also be the first time that new Google CEO Sundar Pichai will speak on the earnings conference call, and analysts will likely grill him about how he plans to steer the company.