Google and Intel beat expectations with results, but Amazon falls short

Google parent Alphabet and chip-making giant Intel both beat Wall Street estimates for quarterly revenue on Thursday, while online retail giant Amazon fell short of second-quarter estimates.

Alphabet said it had benefited from advertisers spending more on its search and YouTube services. The group, which employs some 8,000 people in the Republic, reported that net income rose to $9.95 billion (€8.9 billion), or $14.21 per Class A and B common share and Class C capital share, from $3.2 billion, or $4.54 per share, a year earlier, when it recorded a $5 billion charge related to a fine by the European Commission for abusing its dominance in mobile software.

Revenue jumped 19.3 per cent to $38.94 billion. Analysts on average had expected revenue of $38.15 billion, according to IBES data from Refinitiv.

Intel’s results meanwhile raised hopes that a recent slump in chip demand aggravated by the US-China trade war was easing. The company, which has 4,500 employees in Leixlip, Co Kildare, said net income fell to $4.2 billion, or 92 cents per share, in the second quarter, from $5 billion, or $1.05 per share, a year earlier. Net revenue fell 3 per cent to $16.5 billion. Excluding items, the company earned $1.06 per share. Analysts on average had expected adjusted earnings of 89 cents per share and revenue of $15.7 billion.

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Amazon

Separately, shares in Amazon fell after the retail giant failed to meet second-quarter profit estimates on Thursday. The business, which has some 2,500 Irish-based staff, was hit by fierce competition from Walmart and other e-commerce players globally and invested more in marketing and faster delivery.

Amazon’s net income rose to $2.63 billion, or $5.22 per share, in the quarter ended June 30th, from $2.53 billion, or $5.07 per share, a year earlier. Analysts were expecting a profit of $5.57 per share,

It forecast net sales in the range of $66 billion and $70 billion for the third quarter. Analysts were expecting revenue of $67.27 billion. Net sales rose about 20 per cent to $63.40 billion in the second quarter, beating estimates of $62.48 billion. – Reuters