technology

Shares surge at Alphabet after strong second quarter

Google’s cloud unit brought in a profit of $395 million on sales of $8.03 billion, beating analysts’ estimates for a profit of $163 million

Net income was $18.37 billion, or $1.44 per share, compared with Wall Street’s $1.32-per-share estimate

Google parent Alphabet recorded a rise in second quarter revenues that exceeded Wall Street expectations, with sales of $62 billion in the first quarter.

The results were welcomed by investors with shares rising by more than 7 per cent in late trading.

Analysts had projected $60.2 billion for the quarter, according to data compiled by Bloomberg. Search advertising performed well, generating $42.6 billion, compared with analysts’ average estimate of $42.2 billion.

Google’s flagship search business ...