Alphabet Inc. (GOOGL - Free Report) just released its latest quarterly financial results, posting diluted earnings of $13.33 per share and total revenues of $31.15 billion.
Currently, GOOGL is a Zacks Rank #4 (Sell), but that could change based on today’s results. Shares of the internet behemoth have climbed nearly 24% over the past year but closed the trading day about 0.8% lower.
The stock is currently flat in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted diluted earnings of $13.33 per share. This figure includes a $3.40 per share benefit from a new accounting standard that changes the way companies account for equity security investments. Taking out this benefit, Alphabet reported earnings of $9.93 per share, beating the Zacks Consensus Estimate of $9.21. Investors should note that this consensus projection has trended lower over the duration of the quarter.
Beat revenue estimates. The company reported total revenues of $31.15 billion. Taking out revenues from Google Network Members, the company saw revenue figures of $26.5 billion, surpassing our consensus estimate of $24.29 billion.
Total revenue was up 26% on a year-over-year basis and 23% on a constant-currency basis. Operating income reached $7.00 billion, while operating margin was 22%. Free cash flow reached $4.34 billion in the quarter.
“Our ongoing strong revenue growth reflects our momentum globally, up 26% versus the first quarter of 2017 and 23% on a constant currency basis to $31.1 billion. We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence,” said CFO Ruth Porat.
Alphabet now includes Nest in its Google other revenues segment. Adjusting for this change, revenue in this unit climbed about 35.5% to touch $4.35 billion. Google other revenues also includes the company’s growing hardware business, which features products like the Pixel and Home.
Here’s a graph that looks at Alphabet’s recent earnings performance:
Alphabet Inc. is engaged in technology business. The company provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products through its subsidiaries. Alphabet Inc., formerly known as Google Inc., is headquartered in Mountain View, California.
Check back later for our full analysis on GOOGL’s earnings report!
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