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Google Cloud Q2 Revenue Comes in Light

July 31, 2020

Alphabet reported financial results for the quarter ended June 30, 2020. The firm delivered  EPS of $10.13 with only $8.21 expected. With regard to revenue, the tech giant reported $38.30 billion with $37.37 billion anticipated.

YouTube advertising revenue came in at $3.81 billion with $3.78 billion sought by the Street.

Google Cloud delivered $3 billion for Q2, compared to $2.1 billion a year ago and $2.77 billion last quarter. But, Google Cloud revenue disappointed with $3.06 billion expected.

Google Traffic acquisition costs (TAC) were $6.69 billion with Wall Street looking for $6.67 billion.

"We're working to help people, businesses and communities in these uncertain times," said Sundar Pichai, Chief Executive Officer of Google and Alphabet. "As people increasingly turn to online services, our platforms - from Cloud to Google Play to YouTube - are helping our partners provide important services and support their businesses."

"In the second quarter our total revenues were $38.3B, driven by gradual improvement in our ads business and strong growth in Google Cloud and Other Revenues," said Ruth Porat, Chief Financial Officer of Alphabet and Google. "We continue to navigate through a difficult global economic environment."

On July 27, 2020, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $28.0 billion of its Class C capital stock. The repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.

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