Alphabet Q2 beats estimates, revenue up 21 percent YoY

Google revenues, which include more of the enterprise cloud, software and data management products, attributed most of Q2 sales.

Google parent company Alphabet has rebounded from its dismal first quarter, posting better-than-expected Q2 results Thursday after the bell.

As usual, there are a lot of numbers to look at in Alphabet's earnings report. The tech giant reported a net income of $4.88 billion, or $7.00 per share (statement).

Non-GAAP earnings were $8.42 per share on a revenue of $21.5 billion, up 21 percent year-over-year, when including traffic acquisition costs (TAC).

Wall Street was looking for Q2 earnings of $8.04 per share with $20.77 billion in revenue.

Net revenue excluding TAC was expected to be at least $16.9 billion.

Alphabet delivered above target with $17.53 billion in revenue excluding TAC.

"Our terrific second quarter results, with 21 percent revenue growth year on year, and 25 percent on a constant currency basis reflect the successful investments we've made over many years in rapidly expanding areas such as mobile and video," Ruth Porat, Alphabet's CFO, said in a statement.

Alphabet's shares rose 4 percent in after hours trading.

Google revenues, which include more of the enterprise cloud, software and data management products, attributed most of Q2 sales with $21.315 billion in revenue, up from $20.091 billion the previous quarter.

Google's cost-per-click, which is how much it makes off each advertising click, decreased two percent year-over-year.

In the Other Bets category, which is made up primarily of Nest and Fiber, as well as Alphabet's healthcare-driven initiatives and other speculative projects or 'moonshots,' the tech giant posted revenue of just $185 million over the quarter, with operating losses reaching $859 million. Last quarter, losses in this category totaled $802 million.

Looking toward the second quarter, Wall Street is expecting non-GAAP earnings of $8.35 per share with $21.63 billion in revenue.

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