Updated to include earnings on second-quarter U.S. gross domestic product
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Here are five things you must know for Friday, July 29:
Revenue rose 21% in the period to $21.5 billion, an improvement from the first-quarter's 17% growth. Adjusted earnings rose 20% to $8.42 a share.
The sales growth was fueled by a 21% increase in Google segment revenue to $21.3 billion. That, in turn, was driven by a 24% increase in Google sites ad revenue to $15.4 billion -- mobile search and YouTube were behind most of the growth -- and a 33% increase in "Google other" revenue, which covers businesses such as Google Play and Nexus and Chromecast hardware lines, to $2.2 billion.
Google's paid clicks -- the number of ad clicks or views on which the company recorded revenue -- rose 29% from a year earlier for the second quarter in a row.
"What can we say? This was a fantastic quarter, with core Google's dominance and (Chief Financial Officer) Ruth Porat's capex discipline on full display," said TheStreet's Jim Cramer, manager of the Action Alerts PLUS Charitable Trust Portfolio, and research director Jack Mohr.
They added, "We continue to view Google as a leader in the large-cap tech space and believe it has a long road to run."
The stock gained 2.4% in premarket trading on Friday after posting quarterly revenue of $30.4 billion and profit of $1.78 a share. Wall Street was anticipating revenue of $29.55 billion of revenue and earnings of $1.11.
It was Amazon's fifth consecutive profitable quarter.
Amazon's cloud computing business, Amazon Web Services, reported revenue of $2.9 billion, representing a 58% increase from a year earlier. The stellar performance underscores the fact that Amazon is still leading the pack in cloud against Microsoft's Azure and Alphabet's Google Cloud Platform. IBM also is a big player in cloud.
Amazon said it expects third quarter revenue of $31 billion to $33.5 billion, ahead of analysts' expectations of $29.55 billion.
3. -- Exxon Mobil (XOM) - Get Report declined 2.2% in premarket trading after the energy giant posted second-quarter earnings of 41 cents a share, below estimates of 64 cents. In a statement, Exxon said the results "reflect sharply lower commodity prices, weaker refining margins and continued strength in the chemical segment."
4. -- Budweiser maker Anheuser-Busch InBev (BUD) - Get Report said core profit rose less than expected in the second quarter while reiterating its expectation of closing the SABMiller (SBMRY) deal in the second half.
Other European companies reporting earnings Friday included Swiss banking giant UBS (UBS) - Get Report , which saw second-quarter profit drop by 14%; British bank Barclays (BCS) - Get Report , which reported that first-half profit declined 21% largely because of losses at its non-core business; and French pharmaceuticals company Sanofi (SNY) - Get Report , which reported a decline in second-quarter sales and earnings that were marginally worse than expected amid problems in Venezuela and competition in the U.S. in its diabetes division.
5. -- U.S. stock futures on Friday were suggesting a mixed start for Wall Street after the first estimate of second-quarter U.S. GDP came in at 1.2%, far below estimates of 2.6%.
European stocks traded mixed and Asian shares ended mostly to the downside as investors were disappointed by the Bank of Japan's only modest expansion of its monetary stimulus.
Japan's Nikkei 225 bucked the negative trend in Asia, finishing with a gain of 0.6%, after the Bank of Japan opted not to push rates further into negative territory, while expanding a program of dollar lending.
U.S. stocks on Thursday ended mixed with the S&P 500 and Nasdaq clinching slight gains while the Dow Jones Industrial Average dipped 0.02%.