Google's losing streak is over.
The Internet giant posted adjusted profits of $6.99 per share for the second quarter, handily beating the consensus estimate among analysts surveyed by Thomson Reuters for earnings of $6.71. That ends its unfortunate streak of missing Wall Street profit estimates for six consecutive quarters.
Google's net revenue for the June quarter also beat estimates at $14.35 billion.
Investors cheered the performance, sending shares of Google up by 10% in after hours trading Thursday following the release.
That improved profit performance comes as Google is said to be scrutinizing more of its expenses for hiring and investments, effectively easing a longtime concern on Wall Street that it spends wildly.
Ruth Porat, Google's new CFO, alluded to this strategy of "ongoing expense discipline" during the earnings call Thursday afternoon -- her first since joining the company in late May. She also stressed that "capital allocation" will continue to be a leading financial issue for Google this year.
Porat, previously CFO of Morgan Stanley and once dubbed the most powerful woman on Wall Street, is widely seen as being brought in to improve the company's relationship with public market investors.
"To be clear the priority is revenue growth, but pursuing revenue growth is not inconsistent with expense management," Porat added on the call.
It's not all good news for the company however. Cost per clicks, a closely followed metric of Google's advertising power, continued to decline 11% year-over-year as the company navigates the shift to smaller screens.