Alphabet shares jump after company breaks out of its brief slump

Any worries about slowing growth at Google parent Alphabet may have been premature, judging from its earnings for the last quarter. The company’s stock jumped more than 7% in after-hours trading Thursday after Alphabet announced the results.

Alphabet reported $38.9 billion in revenue for the three months ending in June, above Wall Street’s $38.2 billion projection. That number was up 19 percent from the same quarter in the previous year.

Alphabet’s previous quarter disappointed, as revenue increased by 17% from the prior year, missing Wall Street estimates. The company has developed a number of new business divisions, including cloud computing and hardware. But as its core advertising business matures, investors have begun to wonder whether those new areas of business can become as big as advertising is for Alphabet.

This is a developing story. More to come…