Google’s parent company, Alphabet, has issued an earnings surprise report card in the second quarter of this year. Alphabet announced on the 27th (local time) that its earnings in the second quarter rose 62 percent year-on-year to $61.88 billion. This far exceeds Wall Street’s estimate of $56.16 billion.
Operating profit rose 31% to $19.36 billion during the same period, while net profit nearly tripled to $18.525 billion (166%).
Its net earnings per share was $27.26, far above market expectations of $19.34.
The Wall Street Journal (WSJ) reported that it recorded sales growth in the second quarter of its history thanks to a surge in demand for online advertisements such as Google Search, Google Maps and YouTube by companies preparing for the resumption of the COVID-19 economy.
Google’s advertising revenue was $50.44 billion, up 69 percent from the same period last year (29.87 billion dollars) hit by the COVID-19outbreak.
Google’s YouTube sales have doubled to $7 billion (84 percent) from the same period last year. The market has been predicting that YouTube sales in the second quarter will reach only $6.37 billion.
The increase in advertising sales has greatly contributed to overall performance growth, said Philip Schindler, chief business officer of Google.
