Alphabet reported better than expected top- and bottom-lines for the second quarter after the bell tonight.

Cloud revenues were particularly strong as the rest of the business segments were basically in line (with Ad revenue solid)...

Ruth Porat, President and Chief Investment Officer; CFO said:

“We delivered revenues of $85 billion, up 14% year-on-year driven by Search as well as Cloud, which for the first time exceeded $10 billion in quarterly revenues and $1 billion in operating profit.

As we invest to support our highest growth opportunities, we remain committed to creating investment capacity with our ongoing work to durably re-engineer our cost base.”

Sundar Pichai, CEO, said:

“Our strong performance this quarter highlights ongoing strength in Search and momentum in Cloud. We are innovating at every layer of the AI stack.

Our longstanding infrastructure leadership and in-house research teams position us well as technology evolves and as we pursue the many opportunities ahead.”

The initial kneejerk reaction was 3-4% lower (perhaps on the lack of big beat), but that has reversed and GOOGL is trading higher in the after-hours...

Let's see if this can hold...