Google's net income fell short of Q2 previous year largely because of the $5 billion fine recently imposed on the company by the European Commission. It has logged 8 million miles on public roads, compared with 5 million in February, as it approaches commercial service this year, prompting Morgan Stanley analysts to expect Alphabet to creep closer to $1 trillion in market valuation.
Shares rocketed more than 4pc in after-hours trade, as the market welcomed the strong results, in what could be a sign investors tempered.
The dispatch from Bloomberg reveals that last August, after being fined a then-record $2.4 billion euros ($2.7 billion USD) in a separate case involving the EU, Google attempted to reach out to the European Union Competition Commission headed by Commissioner Margrethe Vestager. It is appealing the ruling.
TAC, an important metric in Google's ad business, crept up to 23% of ad revenue in Q2, up slightly from the 22% reported during the same period a year ago.
Alphabet was expected to report revenue of $32.17 billion, according to a Thomson Reuters consensus estimate. Alphabet delivered slightly above target with $26.28 billion in revenue excluding TAC.
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"We're pleased with the ongoing momentum in our advertising businesses", said Porat on a conference call for investors, adding that Alphlabet has high hopes for the positive impact of machine learning on its ad business.
Google is still raking in marketing dollars from advertisers, propelling the online search giant to another strong quarter in the face of costly regulatory trouble in Europe.
Net income came in at $3.2 billion, down from $3.5 billion in the same quarter of 2017, largely due to the European fine. Other revenue - including Cloud, hardware and app sales - is estimated to increase 40 percent.
Last week, we told you that Google had been fined the princely sum of $5.04 billion by the EU.
Alphabet shares also have been lifted, according to analysts, by a forecast that expense growth would level off in the second quarter because the company entered the second year of a costly deal to make Google the default search provider on iPhones.