by: Brett Hershman, Benzinga Staff Writer
Alphabet Inc GOOG GOOGL is experiencing a roller-coaster ride in after-hours trading after initially passing a 52-week high after reporting a second-quarter sales-and-earnings beat but have since reversed sharply and are now trading down three percent.
The search giant reported second-quarter sales of $26 billion, topping estimates by $400 million.
Second-quarter earnings came in well ahead of estimates at $8.90, $0.65 ahead of estimates. Traffic acquisition costs in the quarter were $5.091 billion.
"With revenues of $26 billion, up 21% versus the second quarter of 2016 and 23% on a constant currency basis, we're delivering strong growth with great underlying momentum, while continuing to make focused investments in new revenue streams," said Ruth Porat, CFO of Alphabet.
Alphabet’s net income was significantly lower in the quarter, down 28 percent year over year, likely due to the impact of a record-breaking $2.7 billion dollar fine from the European Commission for violating anti-trust laws. Diluted EPS including the EC fine was $5.01.
Shares of Alphabet are still up over 24 percent year to date.
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