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Alphabet (GOOGL) makes more gains on Monday after Q3 beats
Alphabet (GOOGL) made more share gains on Monday after delivering a stellar Q3 report late last week that included earnings and revenue beats as the Google owner benefited from higher spending in search and cloud computing.
On Friday, Alphabet posted $16.40 per share earnings and $46.17bn revenue for the latest three-month period versus the $11.28 and $42.8bn FactSet consensus.
Alphabet and Google CFO Ruth Porat said that Google Cloud and Play (the company’s app store on Android and Chromebooks) had been a particular strength.
Search revenue climbed 6.5% to $26.34bn and revenue from ads on YouTube surged 32% to $5.04bn, while operating profit margin also ticked higher to 24%.
Several tech giants struggled in trading on Friday, including Apple (AAPL) and Amazon (AMZN), but Alphabet bucked the trend by closing higher.
That theme continued on Monday as GOOGL rose a further 1.97% during early trading for a new $1,644.10 share price.
Jim Cramer was impressed by the latest report, claiming that YouTube continues to be a “profit center” and that the Google Cloud Platform is doing “amazingly”.
One potentially sore spot is the antitrust case recently filed by the Justice Department that states that Google has “unlawfully” created monopolies in several markets, including search.
Google said that the motion was “deeply flawed” and that people are not forced to use its services and do so of their own volition, due to their quality.
Analysts are not overly worried though as the consensus for GOOGL remains at buy with 34 buy, five hold and not a single sell rating.
The average price target is $1,855.66, well above the current trading price.
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