Alphabet Inc., (NASDAQ:GOOGL) parent company of internet search engine Google, has reported second-quarter earnings of $9.95 billion U.S., a profit of $14.21 per share.
The results exceeded Wall Street expectations. In all, 13 analysts surveyed by Zacks Investment Research had forecast earnings of $11.49 per share. The internet search leader posted revenue of $38.94 billion in the period.
After subtracting Alphabet's advertising commissions, revenue was $31.71 billion, which also beat expectations. Eleven analysts surveyed by Zacks had expected revenue of $30.9 billion.
Alphabet shares have risen 9% since the star of 2019, while the Standard & Poor's 500 index has risen 20%.
In the final minutes of trading on Thursday, Alphabet Inc. shares hit $1,135.96. The Google parent also announced Thursday a plan to repurchase $25 billion of the company’s Class C stock, the biggest buyback in the company’s history.
First thing Friday, Alphabet took off for the roof, jumping $118.97, or 10.6%, to $1,256.62
