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MarketWatch First Take: Google is a great investor, and Alphabet earnings are showing the results

Alphabet Inc.’s big earnings beat was partly due to large gains from investments, and not the money it spends on its own company.

Alphabet GOOG, +1.74%GOOGL, +1.10%GOOGL, +1.10%reported way better-than-expected second quarter earnings, after factoring the huge antitrust fine that Google paid to the European Union, and sent shares toward record highs. Excluding the fine, Alphabet’s earnings would have been $11.75 a share, way above analysts’ consensus estimate of $9.64 a share, according to FactSet.

That large gap between expectations and results was mostly due to a $1.06 billion in gains in securities, as Google’s parent company continues to factor in increases on its outside investments under new accounting rules.

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