Google Parent Alphabet's Q2 Earnings Shine: Revenue Beat, EPS Beat, 'Exciting Momentum' Drives Shares Higher

Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), the parent company of Google, reported second-quarter financial results after the bell. Here’s a rundown of the report and a look at what appears to be driving shares higher after hours.

What Happened: Alphabet said second-quarter revenue increased 7% year-over-year to $74.604 billion, which beat the consensus estimate of $65.42 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.44 per share, which beat analyst estimates of $1.20 per share.

Search revenue came in at $42.628 billion, Cloud revenue totaled $8.031 billion, and YouTube ads revenue hit $7.665 billion in the quarter. 

“There’s exciting momentum across our products and the company, which drove strong results this quarter. Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services,” said Sundar Pichai, CEO of Alphabet and Google. 

Alphabet also announced a CFO transition. Alphabet and Google CFO Ruth Porat will assume the newly created role of president and CIO, effective Sept. 1. Porat will continue to serve as CFO while the company searches for a successor.

Management will hold a conference call to discuss these results at 5 p.m. ET.

Check This Out: Trading Strategies For Alphabet Stock After Q2 Earnings

GOOG Price Action: Alphabet shares are up approximately 38% year-to-date.

GOOGL was up 6.46% after hours at $130.30 at the time of writing, according to Benzinga Pro.

Photo: Pexels from Pixabay.