Google parent company Alphabet saw its shares spike after beating analyst expectations for its second quarter earnings report.
Alphabet, announced a year ago as a new holding company that includes Google, posted $21.5 billion in revenue, beating the $20.7 billion Wall Street expected, and up 21 percent year-over-year. The company also posted profit of $8.42 per share; analysts expected $8.04.
“Our terrific second quarter results, with 21% revenue growth year on year, and 25% on a constant currency basis reflect the successful investments we’ve made over many years in rapidly expanding areas such as mobile and video,” Alphabet CFO Ruth Porat said in a statement. “We continue to invest responsibly in support of our many compelling opportunities.”
The Google business (search, ads, maps, apps, cloud, Play, YouTube, Android, virtual reality, etc.) was responsible for $21.3 billion in operating income this past quarter and $6.9 billion in profits.
Alphabet’s category called “Other Bets” — which includes more risky projects like Google X, Calico, Life Sciences, and self-driving car development — posted revenue of $185 million on an operating loss of $859 million. That’s up from revenue of $74 million on an operating loss of $660 million a year ago.
Alphabet added 2,460 employees during Q2 and now employs 66,575 people, up from 57,148 one year ago.