image credit : Flickr/ Carlos Luna

Google parent and tech giant Alphabet just recently outed its Q2 results with its revenues topping financial analysts predictions showing very good net income even with the recent $5 Billion fine imposed on the company by the European Union.

Google’s advertising business which currently makes up the major part of its revenue grew 24% boosting the company’s revenue to $11.75 a share excluding fines which counts as nearly $2 over estimates made by several Wall Street analysts.

Alphabet netted $32.7 Billion in second quarter revenue and $3.2 Billion in profits even with the fine which shows very good growth for the company which would have had $7.9 Billion in profits without the fine up from its profits of $6.9 Billion in Q2 last year.

Google’s ad business netted $26.24 Billion in revenue excluding partner payouts which also topped several analyst estimates of about $25.55 Billion with this contributing to a good part of the company’s net income along with Alphabet’s investments in several other companies.

Google’s capital spending rose to $5.3 Billion this quarter up 87% from Q2 last year due to more sales and marketing costs for its rapidly growing Google Cloud division. Hardware and app sales boosted 37% to $4.4 Billion while Alphabet’s “other bets” made up of experimental and subsidiary divisions operated by the company saw revenues of $145 million but which came at a high cost of $732 million.

This record results shows Alphabet’s ever increasing technology business with the company still on track for high revenues even with previous record ones. Alphabet is currently trading at about $1270 a share giving the company a market cap of $868 Billion placing it among the ranks of Amazon and Apple in the race to be the first $1 Trillion tech company.

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