Google beat expectations on Q3 earnings, sending the stock soaring after hours.
The company brought in $US27.77 billion in revenue, up 24% from a year ago.
Despite controversies like fake Russian ads and fake news, the company continues to out perform
Google’s parent company Alphabet reported a big earnings beat Thursday, with revenue up 24% over the year-ago quarter.
The stock was up about 4% in after-hours trading.
Here are the results, versus analyst expectations from Bloomberg:
Revenue: $US27.77 billion vs. $US27.2 billion expected (up 24% year-over-year)
EPS (GAAP): $US9.57 vs. $US8.34 expected
Traffic acquisition costs, which Google pays to partners, was up for the quarter with $US3.1 billion spent versus $US2.62 billion last year.
Cost-per-click on Google properties was up 1% from the year-ago quarter.
Operating loss for Other Bets, which includes other Alphabet companies like X, Nest, and Waymo, was $US812 million.
Google’s Other revenues, which includes hardware and cloud services, was $US3.4 billion, up from $US2.43 billion a year ago.
Headcount was up to 78,101, versus 69,953 for the same quarter last year.
We’ll have more for you soon, so keep refreshing this post for the latest.
The big story surrounding Google is the fake ads from Russian bots that ran across various Google platforms during the 2016 US election. Google has discovered less than $US100,000 worth of ads so far. Kent Walker, Google’s general counsel, will testify before Congress with representatives from Facebook and Twitter regarding Russian abuse on their platforms on November 1.
Despite the fake news problems and Russian ad abuse, Alphabet’s stock has been performing well. It hit an all-time high of $US1,016 last week.
Get the latest Google stock price here.