Alphabet reported that its total traffic acquisition costs (TAC) increased from $6.69 billion to $10.93 billion, higher than the $9.74 expected by analysts.
In a statement, Alphabet and Google CEO Sundar Pichai said, “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses…”
Alphabet and Google CFO Ruth Porat also commented, “Our strong second-quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefitted from excellent execution across the board by our teams.”
GOOGL shares gained 3.22% to $2,732 each while GOOG shares climbed almost one percent to $2,761.99 each after-hours on Tuesday.
Microsoft quarterly financial results
Meanwhile, Microsoft (NASDAQ: MSFT) also reported fourth-quarter financial results that exceeded the expectations of Wall Street analysts.
The company posted earnings increased 49% to $2.17 per share, better than the $1.92 EPS expected by analysts. Its revenue rose 21% to $46.2 billion compared to the $44.24 billion estimated by analysts.
