Wall Street is Watch Taboo Family Onlinereally happy after Google's latest earning report.
The tech company brought in $27.77 billion in revenue over the past three months, up 24 percent from what the company earned this time last year. That's compared to the $27.2 billion analysts expected Google to bring in before its report today, Business Insider reported.
"We had a terrific quarter, with revenues up 24 percent year on year, reflecting strength across Google and Other Bets," Alphabet Chief Financial Officer Ruth Porat said in a statement. "Our momentum is a result of investments over many years in fantastic people, products and partnerships."
Most of those billions are still coming from advertising, AKA Google and its domination of web search. What parent company Alphabet calls its "Other Bets"—self-driving cars at Waymo, hardware like the new Pixel phone, and Google Fiber—are still losing money. Those "Other Bets" lost $812 million this quarter.
"Longer term we remain excited about the opportunities in Other Bets," Porat said.
Google stock was up 3 percent in after-hours trading—a sign investors were happy with what they heard from Google.
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And not to leave out its current controversy, CEO Sundar Pichai indirectly acknowledged in his comments ads purchased by Russian bots during the 2016 U.S. presidential election.
"At our core, we remain an information company," Pichai said.
"As new threats arise we are committed to protecting journalists and media organizations," he added.
Topics Google
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