Forex Marketz Daily Forex News – Fully Markets Update
Alphabet Inc. (Nasdaq: GOOG) has easily beat the top and bottom line estimates, just now, when they announced the financial results for the second quarter. This is the financial quarter that ended June 30, 2017. Even with having to pay a fine of $2.74 billion to European antitrust regulators, Google’s parent company, Alphabet, reported revenues of $26 billion. This was up 21 percent versus the second quarter of 2016. This number was well above the $25.64 billion expected. Additionally, the tech giant showed an earnings per share (EPS) of $5.01. Analyst expectations were for an EPS of $4.45.
Google is part of FAANG, which is an acronym for the five most popular and best performing tech stocks in the market, Facebook, Apple, Amazon, Netflix and Alphabet’s Google. Alphabet’s financial results are watched closely by investors. The company is an influential part of the S&P 500 index. The performance of the company can give clues to consumer sentiment as well as a general view for the broad US economy. Its results also act like a leading indicator for investors in the equities markets.
Alphabet Surprises with Earnings
The FAANG collective has considerable influence with guiding the technology sector. This means that monitoring its influence is important for gauging the sector’s bearings. The rest of the FAANG group’s earnings will play a key role with overall market sentiment.
Facebook’s earnings are due Wednesday after the close of US markets. Amazon is set to issue its numbers Thursday at 20:00 GMT. While Apple’s numbers are due August 1. Netflix beat forecasts last Monday. However, revenues but fell slightly and were a tad short of EPS marks.
It should be noted that, shares, of the tech giant, fell as 3 percent in after hours trading. Google’s parent company, reported worse-than-expected performance on two key metrics. These were cost per click and traffic acquisition costs, known as TAC.
