NEW YORK (TheStreet) -- Shares of Alphabet (GOOGL) - Get Report are soaring 4.34% to $799.06 in Friday morning trading after the Google parent company reported 2016 second quarter earnings and revenue that topped analysts' estimates.
Alphabet CFO Ruth Porat said the company's 21% surge in total revenue to $21.3 billion "reflects substantial strength in mobile search, due to the ongoing benefit from the improvement in ad formats and delivery that we launched in the third quarter of last year."
The company's strength within mobile search is "incredible," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.
He pointed to Google's success in reaching customers at their "moment of intent."
Clicks on advertisements that Google displays to users were up 21% in the second quarter from a year ago, marking the fourth straight quarter with more than 22% year-over-year growth, according to the Wall Street Journal.
Capital expenditures fell year-over-year, while free cash flow increased to a "staggering" $7 billion, Cramer mentioned.
Cramer wishes that Alphabet would disclose more numbers regarding its video-sharing service YouTube, but said the platform is growing at a "significant rate."
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Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.
Alphabet's strengths include its solid stock price performance, revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and good cash flow from operations.
You can view the full analysis from the report here: GOOGL
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.