Google Parent Alphabet Crushes Q3 Estimates, Stock Pops 8%; YouTube Ad Revenue Passes $5B

Google Parent Alphabet Crushes Q3 Estimates, Stock Pops 8%; YouTube Ad Revenue Passes $5B
Google Parent Alphabet had a sour quarter last time but today it crushed Wall Street estimate and saw its stock surge 7% in late trading as third quarter revenue jumped 14% to $46 billion.

Earnings per share surged $16.40 from $10.12. Wall Street had anticipated revenue of $42.8 billion and Eps of $11.37.

At YouTube, ad revenue came in at over $5 billion (also a beat) from $3.8 billion in the year-earlier quarter. YouTube has two billion global users.

YouTube TV has passed 3 million paid subscribers.

Brand advertising and a burgeoning connected TV story at YouTube are underappreciated, several analysts said.

Wall Street firm Jeffries thinks fundamentals at Alphabet are recovering faster than expected. “Our checks indicate strength in YouTube ad pricing, return of brand ad spend, and continued strong bookings in Google Cloud. Overall, [the company] remains well-positioned to monetize secular shifts to online marketing, content and commerce.”

Alphabet CEO Sundar Pichai needed a lift. He was called to testify
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