Google’s battle with antitrust regulators and prosecutors has intensified over the last quarter, but that hasn’t stopped the tech giant from raking in cash.
For the quarter ended June 30, Google’s parent company Alphabet tallied $61.88 billion in sales, handily beating analyst estimates of $56.15 billion. Earnings per share came in at $27.26, crushing expectations of $19.34 per share, according to Refinitiv.
“Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend,” CEO Sundar Pichai said in a statement. “Again, we benefited from excellent execution across the board by our teams.”
The search giant is the target of multiple major antitrust lawsuits, including a complaint filed earlier this month by a coalition of 36 states and the District of Columbia over allegedly anticompetitive practices from Google’s Play store marketplace for apps. The suit joins other cases designed to probe Google’s dominance in everything from search and advertising to the power of its Android operating system, the dominant mobile software in the world.
The financial report also comes as the Biden administration fortifies its lineup of antitrust personnel to take on the Silicon Valley giants. In June, the Federal Trade Commission tapped Lina Khan, a fierce tech critic, as its new chair. Khan has reframed decades of antitrust thinking to apply it to the dominance of tech giants.
To make matters worse for Google, President Joe Biden earlier this month nominated longtime Google foe Jonathan Kanter as the head of the Department of Justice’s antitrust division. Kanter has represented companies, including Microsoft and Yelp, that have accused the search giant of anticompetitive behavior.
Alphabet’s shares jumped 4.25 percent to $2,750 in after hours trading.