Alphabet Q2 Earnings Highlights: Revenue Miss, EPS Miss, Search And Cloud Segments Show Growth

Leading technology company Alphabet Inc GOOGGOOGL reported second quarter financial results after market close Tuesday. Here are the key highlights for investors.

What Happened: Alphabet reported second quarter revenue of $69.7 billion, up 13% year-over-year. The revenue total missed a Street estimate of $70.35 billion, according to data from Benzinga Pro.

Alphabet reported second quarter earnings per share of $1.21, missing a Street estimate of $1.31.

“In the second quarter our performance was driven by Search and Cloud. The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes,” Alphabet CEO Sundar Pichai said.

Revenue was $40.7 billion for the company’s Search and Other segment, up 13.7% year-over-year. YouTube segment revenue was $7.34 billion, up 4.8% year-over-year. Google Network revenue was $8.26 billion, up 8.7% year-over-year.

The company’s total Google Services segment had revenue of $62.84 billion, up 10.1% year-over-year.

Google Cloud revenue of $6.28 billion in the second quarter was up 35.6% year-over-year.

The company completed a 20-for-1 stock split in July.

GOOG Price Action: Alphabet shares are up 2% to $107.78 in after-hours trading Tuesday.