Bulls Look to Alphabet Results to Keep Tech Stock Rally Going

Bulls Look to Alphabet Results to Keep Tech Stock Rally Going

The Google LLC parent said its profit hit $8.9 billion, or $12.77 a share, from a $3 billion loss a year ago thanks to tax law changes.

Revenue from Google properties rose to 27 billion from about $22 billion in the year-ago quarter. The consensus analyst estimates call for $10.86 in earnings per share (EPS) and fourth-quarter revenue of $38.98 billion. Little is known about the finances of YouTube, Google's homegrown smartphones and other hardware, its cloud-computing operation, and potentially promising experiments such as driverless cars. The company's higher-growth businesses, which also include YouTube, are less profitable than the original Google desktop search service. The company also included a $1.3 billion securities gain in its net income, which means the company's actual business grew less that its net income numbers may suggest.

When Alphabet Inc. reports results after markets close on Monday, the company's key advertising business is expected to show few signs of wear from privacy concerns that have weighed on internet companies recently.

"At Google's massive scale, a slowdown in ad revenue growth is to be expected, particularly in the USA, eMarketer Senior Forecasting Director Monica Peart said in an email". Analysts expect sales growth to slow to 19 percent this year from 23 percent in 2018, according to data compiled by Bloomberg.

Even if the futuristic projects brought loss, there were $9 billion in other operating income to offset it.

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Google faced scrutiny in late 2018 over alleged bias against conservatives on its signature search engine, as well as the decision to provide Android co-founder Andy Rubin $90 million in severance pay after he was sacked amid sexual misconduct claims - sparking a global protest among employees. Capital expenditures rose 64 percent compared to previous year, up to $7.08 billion.

Cloud engineers and sales professionals also made up the bulk of the 4,000 employees it hired during the quarter, Porat said. Google has seen increasing competiton from the likes of Facebook and Amazon.

The company's "other bets", including its autonomous driving division Waymo and its life sciences and cybersecurity units, took in $154 million in revenue.

Alphabet Chief Financial Officer Ruth Porat said capital expenditures this year would "moderate quite significantly", speaking to investors and analysts after results were announced.

Google's full-year operating margin fell by more than 2 percent from Q4 2017, representing a far larger decline than the overall business.

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