This stock experienced a boost as revenue exceeded expectations, driven by robust performance in cloud computing.
Reported after the market close, Google earnings came in at $1.44 a share, up 19% from the year-earlier period. The tech giant reports earnings under generally accepted accounting principles, also known as GAAP. A year earlier, Google reported earnings of $1.22 a share. The company said gross revenue rose 7% to $74.60 billion, compared with $69.7 billion a year ago.
Google-parent Alphabet (GOOGL) on Tuesday reported second-quarter earnings that topped estimates amid rising investments in artificial intelligence. GOOGL stock popped as revenue beat expectations, boosted by cloud computing and YouTube.
Reported after the market close, Google earnings came in at $1.44 a share, up 19% from the year-earlier period. The tech giant reports earnings under generally accepted accounting principles, also known as GAAP. A year earlier, Google reported earnings of $1.22 a share.
The company said gross revenue rose 7% to $74.60 billion, compared with $69.7 billion a year ago.
Analysts had predicted Google earnings of $1.34 per share on revenue of $72.84 billion.
Also, advertising revenue rose 3% to $58.14 billion vs. estimates of $57.39 billion.
GOOGL stock popped 5% in extended trading to 128.36 on the stock market today.
In addition, the company said Chief Financial Officer Ruth Porat will assume the newly created role of President and Chief Investment Officer effective Sept. 1. Porat will continue to serve as CFO through the 2024 capital planning process as the company finds a successor.
GOOGL Stock: YouTube Tops Estimates
Meanwhile, YouTube ad revenue rose 4% to $7.66 billion during the second quarter. Analysts had estimated YouTube ad revenue of $7.42 billion. TikTok's growth has pressured YouTube.
Google said cloud computing revenue rose 28% to $8.03 billion vs. estimates of $7.87 billion. Further, Google repurchased $14.97 billion of its own stock during the quarter.
The Big Tech stock had advanced 37% in 2023. Also, GOOGL stock holds a Relative Strength Rating of 81 out of a best-possible 99, according to IBD Stock Checkup.
