Alphabet stocks (GOOG) went up close to 10 percent during the after-hours trading after the company reported $9.87 per share in earnings and revenue of $41.16 billion. The company missed earnings expectations but beat on revenue. It also saw 13% revenue growth compared to the previous year and this was the main reason why the stock was up about 3% before it was up by as much as 10%.
This revenue beat was good news because this means that the Coronavirus did not affect it as much as analysts and investors anticipated.
Google CFO Porta said that "Based on our estimates from the end of March through last week for Search, we haven’t seen further deterioration in the percentage of year-on-year revenue declines.”
- Porat admitted there was an “abrupt” drop-off in ad revenues in March, but suggested things were not getting worse in April.
- YouTube advertising revenues were $4.04 billion, up 33% year on year
- Sheltering in place is driving massive engagement online
- Buybacks continue apace