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A big week for tech earnings gets underway after the closing bell Monday when Google parent company Alphabet unveils its second-quarter results. When excluding the fine, earnings came to $11.75 U.S. per share, which topped the average estimate of $9.45 United States per share by analysts surveyed by Zacks Investment Research. Spending on Google Shopping search ads, which let marketers promote consumer products, increased 31 percent in the second quarter from a year earlier, according to data from digital marketing firm Merkle; those gains came even as Amazon revs up its own ads business.

Shares rocketed more than 4pc in after-hours trade, as the market welcomed the strong results, in what could be a sign investors tempered.

Alphabet earned $32.7bn in revenue in the three months to the end of June, up 26% from the same period past year. Thomson Reuters had expected something more like $32.17bn.

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Built on the strength of its advertising empire, Google saw surprisingly strong growth. Thirteen analysts surveyed by Zacks expected revenue of $25.6 billion.

During a conference call with financial analysts, Google CEO Sundar Pichai echoed Porat's enthusiasm for machine learning. Alphabet also is sitting on $98 billion of net cash and equivalents, or almost $140 per share. Google's traffic acquisition costs - what it pays to partners - also went up, reaching $3.4bn, from $3bn in Q2 2017. The "Other Bets" segment of various startup and moonshot endeavors had higher revenue this quarter, $145 million, but grew its operating loss to $732 million at the same time.

The bulk of Alphabet's revenue continues to come from advertising, which amounted to $28bn for the quarter, or roughly 88 per cent of sales.

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When asked about the potential business impacts from the European Union ruling on a conference call with analysts Monday, Google CEO Sundar Pichai said it's "too early" to tell. He said Google is exploring more ways to insert promoted slots and ads into its Maps service, which has had limited commercial applications to date.

"Alphabet also breaks out the revenues and losses for its 'Other Bets, ' like healthcare company Verily, internet service provider Fiber, and self-driving auto company Waymo". "They truly have taken advantage of the USA, but not for long!"

Reacting to another monster quarter from Google parent Alphabet Inc., a CNBC analyst wondered out loud if the tech giant has become more powerful than the US government.

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