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Alphabet reports better-than-expected quarterly profit and revenue

Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019.

Josh Edelson | AFP | Getty Images

Alphabet reported profit and earnings for the third quarter that topped analysts’ estimates.

Here’s what the company reported:

Earnings per share (EPS): $27.99 per share vs $23.48 per share, according to Refinitiv estimates.Revenue: $65.12 billion vs $63.34 billion, according to Refinitiv estimates.YouTube advertising revenue: $7.20 billion vs. $7.4 billion expected.Google Cloud revenue: $4.99 billion v. $5.07 billion expected.Traffic acquisition costs (TAC): $11.50 vs. $11.16 billion expected.

Google’s advertising revenue rose to $53.13 billion — up from $37.10 billion the same time last year.

Revenue in Google’s cloud division climbed 45% to $4.99 billion, while operating loss narrowed to $644 million from $1.21 billion. Alphabet has been investing heavily in the unit, which is led by former Oracle executive Thomas Kurian, in an effort to catch up to Amazon Web Service and Microsoft Azure.

This is breaking news. Check back for updates.

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