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Alphabet (GOOGL) , the parent company of Google, was rising almost 8% after hours after the company reported second quarter top- and bottom-line results that topped estimates. 

The Mountain View, CA-based company reported second quarter earnings of $14.21 per share on revenue of $38.9 billion, topping analyst estimates of earnings of $11.30 per share on revenue of $38.15 billion. 

Advertising revenue, which represents the lions share of the company's revenue, rose to $32.6 billion from $28.1 billion a year ago.

The company also authorized the repurchase of up to $25 billion of its Class C capital stock.

"Our effort to build a more helpful Google for everyone brings countless opportunities to help users, partners, and enterprise customers every day," said Sundar Pichai, Chief Executive Officer of Google, in a press release. "From improvements in core information products such as Search, Maps, and the Google Assistant, to new breakthroughs in AI and our growing Cloud and Hardware offerings, I'm incredibly excited by the momentum across Google's businesses and the innovation that is fueling our growth."

Alphabet is a key holding in Jim Cramer's Action Alerts PLUS charitable trust

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