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Exhibit 99.1
Alphabet Announces Third Quarter 2019 Results
MOUNTAIN VIEW, Calif. – October 28, 2019 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended September 30, 2019.
“I am extremely pleased with the progress we made across the board in the third quarter, from our recent advancements in search and quantum computing to our strong revenue growth driven by mobile search, YouTube and Cloud,” said Sundar Pichai, Chief Executive Officer of Google. “We’re focused on providing the most helpful services to our users and partners, and we see many opportunities ahead.”
“Our businesses delivered another quarter of strong performance, with revenues of $40.5 billion, up 20% versus the third quarter of 2018 and up 22% on a constant currency basis,” said Ruth Porat, Chief Financial Officer of Alphabet and Google. “We continue to invest thoughtfully in talent and infrastructure to support our growth, particularly in newer areas like Cloud and machine learning.”
Q3 2019 financial highlights
The following table summarizes our consolidated financial results for the quarters ended September 30, 2018 and 2019 (in millions, except for per share information, percentages, and number of employees; unaudited):
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2019 | ||||||
Revenues | $33,740 | $40,499 | |||||
Increase in revenues year over year | 21 | % | 20 | % | |||
Increase in constant currency revenues year over year | 22 | % | 22 | % | |||
Operating income(1) | $8,625 | $9,177 | |||||
Operating margin(1) | 26 | % | 23 | % | |||
Other income (expense), net(1) | $1,458 | ($549 | ) | ||||
Net income | $9,192 | $7,068 | |||||
Diluted EPS | $13.06 | $10.12 | |||||
Diluted shares (in thousands) | 703,859 | 698,199 | |||||
Effective tax rate | 9 | % | 18 | % | |||
Number of employees | 94,372 | 114,096 | |||||
(1) | Q3 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. |
Q3 2019 supplemental information (in millions, except for percentages; unaudited)
Segment revenues and operating results
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2019 | ||||||
Google properties revenues | $24,054 | $28,647 | |||||
Google Network Members' properties revenues | 4,900 | 5,269 | |||||
Google advertising revenues | 28,954 | 33,916 | |||||
Google other revenues | 4,640 | 6,428 | |||||
Google segment revenues | $33,594 | $40,344 | |||||
Other Bets revenues | $146 | $155 | |||||
Google operating income | $9,490 | $10,865 | |||||
Other Bets operating loss | ($727 | ) | ($941 | ) | |||
The following information was filed by Alphabet Inc. (GOOGL) on Monday, October 28, 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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