Google Q2 earnings top expectations, cloud revenue grows 82%, but stock falls on capex growth

Google parent Alphabet reported its second quarter earnings after the bell on Wednesday, beating Wall Street's expectations on the top and bottom lines as cloud revenue increased 82% year over year.

For the quarter, Alphabet saw earnings per share of $9.11 on revenue of $119.8 billion. Analysts were anticipating EPS of and revenue of $116.9 billion.

But the company also stated that it is raising its capital expenditures for the year to between $195 billion and $205 billion from $180 billion to $190 billion. Analysts had called for $186.4 billion.

Alphabet stock fell more than 2% on the news.

Google's Cloud platform brought in $24.77 billion, above an expected $24.56 billion and well ahead of the $13.6 billion it brought in last year. Advertising revenue came in at $81.63 billion. Analysts were looking for $81.12 billion.