Alphabet reported a revenue beat at $38.94 billion after disappointing analysts last quarter with decelerating Google revenue growth.
that beat estimates and announced board approval to repurchase $25 billion of its Class C stock.
Alphabet is on pace for its best day since July 2015 and saw its market cap rise about $80 billion to reach $866 billion on Friday.parent company reported earnings per share of $14.21, ex-items, compared to analysts' expected $11.30 per share, according to Refinitiv. Revenue came in at $38.94 billion, according to Alphabet, beating analyst estimates of $38.15 billion, per Refinitiv.
Google's traffic acquisition costs were also lower than analysts had been hoping for, a positive sign on a closely-watched metric. TAC represents the payments Google makes to companies like for its search engine to be the default on their devices. Google reported TAC of $7.24 billion compared to analyst estimates of $7.27 billion, according to StreetAccount.
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