Google parent company Alphabet today reported earnings for its first fiscal quarter of 2020, including revenue of $41.2 billion, net income of $6.8 billion, and earnings per share of $9.87 (compared to revenue of $36.3 billion, net income of $8.3 billion, and earnings per share of $11.90 in Q1 2019). Given the global pandemic’s impact on advertising, many are looking to market leader Alphabet to see how bad the damage is — but given this quarter ended in March, it only shows a glimpse at what’s to come.
Analysts had expected Alphabet to earn $40.3 billion in revenue and report earnings per share of $10.38. The company thus beat on revenues but missed on earnings per share. The company’s stock was down 3% in regular trading, and up 1% in after-hours trading. This is also the first full quarter that Sundar Pichai is leading both Alphabet and Google.
“Given the depth of the challenges so many are facing, it’s a huge privilege to be able to help at this time,” Alphabet and Google CEO Sundar Pichai said in a statement. “People are relying on Google’s services more than ever and we’ve marshalled our resources and product development in this urgent moment.”
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