Thursday, 16 August, 2018

Alphabet shrugs off European Union fine to bring in $3.2 billion Q2 profits

Why Google's secret attempt to settle with the EU Competitive Commission failed Google's attempt to settle its antitrust case in Europe was too little and too late
Cristina Norman | 24 July, 2018, 21:39

Shares in Google's parent Alphabet rose as much as 5% in after-hours trading Monday as the company reported earnings that were well ahead of Wall Street expectations, thanks in part to growth in Google's cloud business. When excluding the fine, earnings came to $11.75 United States per share, which topped the average estimate of $9.45 USA per share by analysts surveyed by Zacks Investment Research.

Revenue was $32.7 billion, an increase of 26 percent over the same period previous year.

Google's biggest earner during the quarter was advertising which brought in total revenues of $28.1 billion.

European authorities ordered Google to stop effectively requiring phone-makers in Europe to install Google's search engine and Chrome internet browser on their devices in order to use the Android software.

"We delivered another quarter of very strong performance, with revenues of $32.7 billion, up 26 per cent versus the second quarter of 2017 and 23 per cent on a constant currency basis", Ruth Porat, CFO of Alphabet, said in a statement.

Google also has tweaked its comparison shopping service as it strives to comply with an European Union ruling from past year, and it plans to soon release changes to how it handles political ads. The pace is accelerating: it only took ~1 month to add the last million miles, vs. 2 mos from 6 million to 7 million miles and 16 months from 1 million to 2 million miles. It is appealing the ruling.

At least three financial analysts who follow Google have said this year that separating its various advertising businesses in financial results would help investors understand how the competition is affecting the company.

"I'm confident that we can find a way to make sure Android is available at scale to users everywhere", Google's chief executive, Sundar Pichai, told investors. It is gaining ground on Amazon, the ecommerce giant that is the world's second... Pichai says the retailer "is migrating key areas of its business to the Google Cloud platform". The company's other revenue bucket, which includes cloud, hardware and app sales, grew 37 percent to $4.4 billion in the second quarter.

Other Bets, the home of Google's riskier, experimental businesses, lost $732 million in the quarter, versus a loss of $633 million in the same period a year earlier.

Some in the industry also cite GDPR, which convinced more advertisers to funnel ad spending to Google and its main rival Facebook Inc.

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