Alphabet today announced profits for Q2 2019 with income of $38.94 billion, with the year well underway. These figures ranged from April to June, and with the stock rising 7.39 percent in after-hour trading, expectations slightly exceeded.
Revenue is up 19 percent from Q2 2018’s $32.65 billion, with net income for this quarter being $9.18 billion. By way of contrast, Alphabet recorded revenue of $36.33 billion and last quarter net income of $6.6 billion. Analyst for Q2 2019 expected income of $38.2B, resulting in the present bump after hours.
“Our effort to build a more helpful Google for everyone brings countless opportunities to help users, partners, and enterprise customers every day,” said Sundar Pichai, Chief Executive Officer of Google. “From improvements in core information products such as Search, Maps, and the Google Assistant, to new breakthroughs in AI and our growing Cloud and Hardware offerings, I’m incredibly excited by the momentum across Google’s businesses and the innovation that is fueling our growth.”
“With revenues of $38.9 billion, up 19% versus the second quarter of 2018 and up 22% on a constant currency basis, we’re delivering strong growth,” said Ruth Porat, Chief Financial Officer of Alphabet and Google. “Our ongoing investments in compute capabilities and engineering talent reflect the compelling opportunities we see across the company.”
“Google’s other revenues”— including hardware, Play Store, and Google Cloud business efforts— reported $6.18 billion, up from $4.4 billion in the same quarter of last year.
The “other bets” that are closely watched continue to lose cash, but steadily increase income. It recorded income of $162 million produced mainly by Verily and Fiber, with operating losses of up to $989 million from the past quarter’s $868 million.
Alphabet will maintain a call for income from the Q2 2019 income release with investors and members of the media to further break down figures. You can follow through the livestream below and we will cover any significant tidbits revealed by the business.
