Google blew past Wall Street’s revenue and profit targets in the second quarter, sending its stock up more than 9% in extended trading on Thursday.
A resurgence in Google’s core advertising business, after a weak performance in the first quarter of the year, along with strong results in the cloud business pushed Google’s net revenue up about 21% to $31.7 billion. That was nearly $1 billion more than analysts were expecting.
Google’s parent company, Alphabet, also said its board authorized the company to repurchase $25 billion of its stock, providing an additional piece of good news to investors.