Alphabet (GOOG, Financial)(GOOGL, Financial), the diversified internet company with strong positions worldwide in search (Google), video (YouTube), mobile (Android), and more, contributed positively after reporting accelerating revenue growth in the US (20% yearover-year) and even better results internationally. The pace of margin decline seen in prior quarters improved. Google Cloud has roughly doubled revenues over the last 18 months to become a solid number three in the industry. The company bought back $3.7 billion worth of stock, a significant year-over-year uptick and a welcome sign that the company saw value in the stock at discounted prices in the second quarter. We trimmed our position towards the end of the quarter, as price appreciated.
From Longleaf Partners' third-quarter 2019 shareholder commentary.
