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Alphabet Soars to Record After Earnings Wallop Expectations

  • Google ad sales jump; traffic acquisition costs under control
  • CEO Pichai aims to keep distributing Android system widely
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Bloomberg Intelligence’s Paul Sweeney breaks down Alphabet Inc.’s results.(Source: Bloomberg)
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Google executives projected confidence in Android and other businesses, giving investors no signal that a costly regulatory crackdown in Europe would curb sales and profit anytime soon. The shares surged to a record high.

Parent company Alphabet Inc. posted second-quarter results that walloped Wall Street expectations, while Chief Executive Officer Sundar Pichai hinted at new untapped advertising opportunities and highlighted growth at video service YouTube and the cloud arm. The shares rose as much as 5.3 percent, the most in almost nine months, to $1,275 at the market open in New York Tuesday. Several analysts lifted their price target on the stock.