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Exhibit 99.1
Alphabet Announces Second Quarter 2019 Results
MOUNTAIN VIEW, Calif. – July 25, 2019 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended June 30, 2019.
“Our effort to build a more helpful Google for everyone brings countless opportunities to help users, partners, and enterprise customers every day,” said Sundar Pichai, Chief Executive Officer of Google. “From improvements in core information products such as Search, Maps, and the Google Assistant, to new breakthroughs in AI and our growing Cloud and Hardware offerings, I’m incredibly excited by the momentum across Google’s businesses and the innovation that is fueling our growth.”
"With revenues of $38.9 billion, up 19% versus the second quarter of 2018 and up 22% on a constant currency basis, we’re delivering strong growth," said Ruth Porat, Chief Financial Officer of Alphabet and Google. "Our ongoing investments in compute capabilities and engineering talent reflect the compelling opportunities we see across the company."
Q2 2019 financial highlights
The following table summarizes our consolidated financial results for the quarters ended June 30, 2018 and 2019 (in millions, except for per share information, percentages, and number of employees; unaudited). Prior period results excluding the effect of the European Commission (EC) fine of $5.1 billion have been included to facilitate comparison to current quarter performance.
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2019 | ||||||
Revenues | $32,657 | $38,944 | |||||
Increase in revenues year over year | 26 | % | 19 | % | |||
Increase in constant currency revenues year over year | 23 | % | 22 | % | |||
Operating income(1) | $3,045 | $9,180 | |||||
Operating margin(1) | 9 | % | 24 | % | |||
Operating income (Non-GAAP)(1)(2) | $8,116 | $9,180 | |||||
Operating margin (Non-GAAP)(1)(2) | 25 | % | 24 | % | |||
Other income (expense), net(1) | $1,170 | $2,967 | |||||
Net income | $3,195 | $9,947 | |||||
Diluted EPS | $4.54 | $14.21 | |||||
Net income (Non-GAAP)(2) | $8,266 | $9,947 | |||||
Diluted EPS (Non-GAAP)(2) | $11.75 | $14.21 | |||||
Diluted shares (in thousands) | 703,247 | 699,954 | |||||
Effective tax rate | 24 | % | 18 | % | |||
Number of employees | 89,058 | 107,646 | |||||
(1) | Q2 2018 results have been recast to reflect the reclassification of performance fees from general and administrative expenses to other income (expense), net (OI&E) to conform to the current period presentation. |
(2) | Non-GAAP results presented for Q2 2018 exclude the EC fine. See the table captioned "Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures" for more details. |
The following information was filed by Alphabet Inc. (GOOGL) on Thursday, July 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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10-Q Quarterly Report July 2019
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