Wednesday, 24 April, 2019

Bulls Look to Alphabet Results to Keep Tech Stock Rally Going

Bulls Look to Alphabet Results to Keep Tech Stock Rally Going Google's tumultuous year didn't stop it from making more money than ever
Priscilla Morrison | 05 February, 2019, 13:21

Alphabet's "other bets", the other companies owned by Google's parent, earned $6.49 billion.

Alphabet generated revenue of $39.3 billion during the fourth quarter of 2018, compared to $32.3 billion during the same quarter a year before.

Ruth Porat, CFO of Alphabet and Google did not provide any guidance for 2019 and simply said that the company will “continue to make focused investments in the talent and infrastructure needed to bring exceptional products and experiences to users, advertisers, and partners around the globe.”.

Partly because of the higher spending, Alphabet reported an operating margin of 21 percent in the fourth quarter, down from 24 percent a year ago.

Alphabet shares were down 3.3 percent to $1,103.50 in after-market trades that followed release of the earnings figures from the final three months of previous year.

Pichai highlighted YouTube as one of the company's success stories, saying the number of YouTube channels with more than 1 million subscribers almost doubled in 2018. The corporation reported $7 billion in expenditures, more than the projected $5.63 billion.

Analysts said Google's core advertising business is starting to plateau, an indication of stiffening competition.

"Last year we more than doubled both the number of Google Cloud Platform deals over 1 million as well as the number of multiyear contracts signed", Pichai said.

More news: United Kingdom home secretary approves Vijay Mallya's extradition to India

Google's "other" revenue - about $6.48 billion - includes money from cloud partnerships, Nest, Google Play and more.

Google CEO Sundar Pichai didn't share any concrete sales numbers, but told investors during the company's earnings call on Monday afternoon that it had sold "millions" of devices during the quarter.

Online commerce grew quickly in the final quarter of 2018, helping Google's ad business.

"Other bets", as Alphabet calls its more experimental businesses including Waymo, the self-driving auto startup, its fiber optic cable business and Verily, its health division, had revenues of $154m.

The results beat analyst expectations.

One of the biggest challenges, it seems, that Alphabet faces is the battle to dominate cloud storage and services.

How well Google fares with investors will depend on how aggressively the tech giant tackles cloud computing services in the next year, either organically or through acquisitions. Among the more damaging of those was its work on a China-specific search engine which ultimately caused questions to be raised by the United States government.

Cloud engineers and sales professionals also made up the bulk of the 4,000 employees it hired during the quarter, Porat said.

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