Google (GOOG) stock is down 3.4% after hours despite incredible revenue growth and a GAAP EPS beat, with the beat largely due to unrealized gains from equity holdings.
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Google’s Earnings Were Incredible—But There’s One Huge Problem (GOOG Stock Analysis!)
Jul 22, 2026
Google's latest earnings report showed incredible revenue growth of 24.2% year-over-year, reaching $119.8 billion, and a GAAP EPS beat of $6.22. However, adjusted EPS slightly missed estimates. The significant GAAP beat was driven by large unrealized gains from Google's stakes in companies like SpaceX and Anthropic, which contributed $98 billion to other income. Despite concerns about AI impacting search, Google Search revenue grew 17%, and other segments like subscription platforms and YouTube Ads also showed strong growth. The company's EPS has more than doubled in the last 3-4 years, and its Gemini app has reached 950 million monthly active users.
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