Alphabet Gains as Google Ad Machine Powers Past Record Fine
- Mobile and automated ads drive growth, while spending soars
- Company keeps traffic acquisition costs under control
This article is for subscribers only.
Google is still raking in marketing dollars from advertisers, propelling the online search giant to another strong quarter in the face of costly regulatory trouble in Europe. The shares jumped as much as 6.1 percent in extended trading, putting them on course for a record.
Parent company Alphabet Inc. reported second-quarter sales, minus partner payouts, of $26.24 billion during the second quarter. Analysts were expecting revenue of $25.55 billion, according to data compiled by Bloomberg. Google’s advertising business grew 24 percent. Chief Financial Officer Ruth Porat said most of that came from mobile and automated ads.