Google parent company Alphabet saw its shares spike after beating analyst expectations for its second quarter earnings report. Alphabet, announced a year ago as a new holding company that includes Google, posted $21.5 billion in revenue, beating the $20.7 billion Wall Street expected, and up 21 percent year-over-year. The company also posted profit of $8.42 per share; analysts expected $8.04. "Our terrific second quarter results, with 21% revenue growth year on year, and 25% on a constant currency basis reflect the successful investments we've made over many years in rapidly expanding areas such as mobile and video," Alphabet CFO Ruth Porat said in a statement. "We continue to invest responsibly in support of our many compelling opportunities." The Google business (search, ads, maps, apps, cloud, Play, YouTube, Android, virtual reality, etc.) was responsible for $21.3 billion in operating income this past quarter and $6.9 billion in profits.