Investing.com - Google parent Alphabet (NASDAQ:GOOGL) reported second quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Search giant Alphabet announced earnings per share of $27.26 on revenue of $61.88 billion. Analysts polled by Investing.com anticipated EPS of $19.24 on revenue of $56.19 billion.
Alphabet shares are up 50% from the beginning of the year, still down 1.81% from its 52 week high of $2,687.20 set on July 27. They are outperforming the Nasdaq 100 which is up 16.05% from the start of the year.
Alphabet shares gained 2.64% in after-hours trade following the report.
Advertising revenue for its YouTube segment was $7 billion, more than the $6.4 billion expected by analysts. Total Google ad revenue jumped 69%, to $50.4 billion. Cloud revenue also topped expectations, at $4.6 billion.
Alphabet A follows other major Communication Services sector earnings this month
Alphabet's report follows an earnings beat by Alphabet C on Tuesday, who reported EPS of $27.26 on revenue of $61.88B, compared to forecasts EPS of $19.33 on revenue of $56.19B.
Verizon had beat expectations on July 21 with second quarter EPS of $1.37 on revenue of $33.8B, compared to forecast for EPS of $1.3 on revenue of $32.77B.
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