Alphabet shares climbed Thursday after the Google parent posted better-than-expected earnings and said it would boost its capital spending this year by $10 billion.

GOOGL reported emphatic clean-beat 2Q results, with Search, YouTube, and Cloud Revs accelerating and coming in above expectations,” analyst Rohit Kulkarni said.

Wednesday’s report follows Alphabet’s better-than-expected Q1 release earlier this year, in which the company reported year-over-year growth of 12% and 49% for its top and bottom lines, respectively, after Google’s search unit generated more in sales than analysts projected.

Google parent Alphabet is scheduled to report second-quarter earnings after the bell Wednesday, with investors anticipating a sizable shift in the tech giant's share price.

MOUNTAIN VIEW, Calif. (AP) — MOUNTAIN VIEW, Calif. (AP) — Alphabet Inc. (GOOGL) on Wednesday reported second-quarter net income of $62.74 billion. The Mountain View, California-based company said it had net income of $5.12 per share.

Option "straddles" are priced for a one-day post-earnings move in Alphabet's stock of $10.59, in either direction, on Thursday, according to data provided by Matt Amberson, princip

Current consensus predictions for Google's forthcoming earnings report anticipate $2.18 per share on revenues of $93.73 billion. This suggests growth in comparison to the same quarter last year, which reported earnings of $1.89 per share with revenues of $84.74 billion.

This news caused Alphabet's stock to tumble 7%. In the first quarter, 56% of Alphabet's revenue came from the Google search engine, so this is clearly a huge part of its business.

Alphabet's stock closed Wednesday at $165.37, down more than 12% on the year. The stock's forward price-to-earnings ratio, which measures how much investors pay per share for every dollar the ...