LIVE: Alphabet crushes analysts' expectations in Q2 earnings (GOOG, GOOGL)

• Google's parent company Alphabet blew past Wall Street's revenue and profit targets in the second quarter, sending its stock up more than 7% in after hourse trading. 
• The company's net revenue came in at $31.7, beating analysts' expectations by almost $1 billion.
• Also, after a bad miss last quarter, Google's ad revenue was up over 19% from the same period the year prior, surpassing analysts' predictions of just over 15%. 

Google's parent company Alphabet blew past Wall Street's revenue and profit targets in the second quarter, sending its stock up more than 6% in after hourse trading. 

The company's net revenue came in at $31.7, beating analysts' expectations by almost $1 billion. Also, Google's core advertising business seems to be back on track. After a bad miss last quarter, Google's ad revenue was up over 19% from the same period the year prior, surpassing analysts' predictions of just over 15%. 

Google's "other revenues," which includes the company's cloud business, as well as hardware sales, jumped 40% year-over-year to $6.18 billion.

Google also mentioned that its board authorized the company to repurchase another $25 billion of its stock.

Here's what Alphabet reported: 

Net Revenue (excluding traffic acquisition costs): $31.7 billion, up 20.8% year over year, and higher than the $30.84 billion that analysts expected.

Q1 EPS (GAAP): $14.21, compared with $11.19 expected by analysts.

Total advertising revenue: $32.6 billion, compared with $28.1 billion last year.

"Other" revenue: $6.1 billion, compared with $4.4 billion last year.

"Other Bets" revenue: $162 million, compared with $145 million last year.

Other bet operating loss: ($989) million versus ($732) million last year.

Traffic acquisition costs (TAC): $7.2 billion, or 22% of advertising revenue, compared with 23% of advertising revenue during last year.

Google's capital expenditure: $6.1 billion, compared with $5.4 billion during the same period last year.

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