Strong earnings reports from numerous tech companies helped push the market to new highs today, with the S&P 500 and Nasdaq Composite both hitting record levels. The U.S. Department of Commerce also said that GDP grew at an annual rate of 2.1% in the second quarter, beating expectations.

Google parent Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) and Atlassian (NASDAQ:TEAM) were among those with upbeat earnings releases, while Sprint (NYSE:S) and T-Mobile (NASDAQ:TMUS) got some good news regarding their proposed merger.

Google headquarters

Image source: Google.

Google Cloud is booming

Alphabet impressed investors with its second-quarter report, sending Class C shares 10.5% higher. Total revenue came in at $38.9 billion, which translated into adjusted net income of $9.9 billion, or $14.21 per share. Total traffic acquisition costs (TAC) were $7.2 billion, or 22% of Google's total advertising revenue. Alphabet's "other bets" segment, which includes its more experimental businesses, generated $162 million in revenue and an operating loss of nearly $1 billion. Google Cloud put up strong growth, and CEO Sundar Pichai noted that the search giant's cloud infrastructure business has now reached an annual run rate of $8 billion. The new midrange Pixel 3a helped overall Pixel unit sales more than double, according to Pichai. Alphabet's board also authorized an additional $25 billion for stock repurchases.

Atlassian closes out fiscal 2019 with a bang

Shares of Atlassian hit record highs, closing out the day with gains of nearly 9%, after the enterprise collaboration specialist reported strong fiscal fourth-quarter results. Total revenue increased 36% to $334.6 million, which led to a net loss of $237.5 million, or $0.99 per share as reported under international financial reporting standards (IFRS). On a non-IFRS basis, Atlassian posted adjusted net income of $51.2 million, or $0.20 per share. Analysts were modeling for $330.6 million in sales and $0.16 per share in adjusted profits. Atlassian added nearly 8,700 net new customers during the quarter, bringing its total customer count to almost 153,000. In terms of outlook, the company expects revenue next quarter to be in the range of $349 million to $353 million, which should result in non-IFRS earnings per share of $0.24. Fiscal 2020 is expected to generate $1.54 billion to $1.56 billion in revenue.

Sprint and T-Mobile secure Department of Justice approval

Sprint investors cheered news that the U.S. Department of Justice's antitrust division has officially approved its proposed $26 billion megamerger with T-Mobile. Sprint shares gained 7.5%, while T-Mobile (which also reported earnings yesterday) jumped 5%. In order to secure the regulator's blessing, T-Mobile and Sprint agreed to a package of concessions that includes divesting Sprint's prepaid wireless business, as well as wireless spectrum assets, to DISH Network. T-Mobile will be required to support DISH's nascent wireless business for seven years while the satellite TV company builds up its own 5G network. However, there is still a pending multistate lawsuit filed by numerous state attorneys general that is seeking to block the deal; five of those state prosecutors have joined in the DOJ's proposed settlement.

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