Alphabet shares hit 3-month high
Google’s parent company, Alphabet, produced good numbers for the second quarter across the board for earnings and revenue at its main Google search division, YouTube, Google Cloud, and a drop in acquisition costs.
Shares were up 7% after hours on the IG platform.
(Video Transcript)
Alphabet
Google owner Alphabet, late last night, we came through with those numbers for the second quarter, a good set of figures for the business as well. And we saw the stock rise as a result. rising about 7% in extended trade after the company reported better than expected revenue and profit driven by growth in its cloud computing unit. But it didn't stop there.
Earnings per share
A quick run through the numbers shows earnings per share of 44 cents against expectations of 34 cents, and revenue up 7% to 74.6 billion. We've been looking for $72.8 billion in terms of revenue. YouTube ads were 7.6 billion; 7.4 billion was expected. So, all those ads we will watch at the beginning of YouTube videos are paying alphabetically handsomely in respect of that Google Cloud 8.03 billion.
Revenue
We've been looking for 7.8 billion in terms of revenue there, with traffic acquisition costs on the way down. That’s exactly what investors want to see. So, let's take a look at shares at the stock peaking yesterday up at levels briefly not seen since the 12th of April 2022.
Google shares
Google on a report last night. Look at the size of that green candle yesterday. I can't see anything visually here that represents anything like that that we've seen in the last couple of years or so. So, Google all sessions last night ended at 2983 for the fourth straight quarter, reporting growth in single digits as it deals with a pullback in digital ad spending that reflects concerns about the economy. But quite frankly, overall, the company is doing far better than expected, and as a result of that, we saw shares lift 11 at 9:00. this morning. All sessions on the IG platform.
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