Alphabet reported $112.2B in net income for Q2 on $119.8B in revenue. But if you look at their 10Q, $98B of that came from "other income", which was mostly unrealized gains from their 2015 investment in SpaceX. SpaceX IPO'd in June and Alphabet's stake is now worth $94.1B. If you subtract the SpaceX equity gains, Alphabet's actual net income was closer to $18B. That translates to a 35% year-over-year decline in EPS. Since unrealized gains are non-cash and fluctuate with daily stock prices, the headline profit numbers are hiding some weakness in their core ad and cloud businesses.