Alphabet reports strong Q2 revenue, stock jumps 5.59%

MG News | July 27, 2023 at 11:51 AM GMT+05:00

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July 27, 2023 (MLN): Alphabet Inc. (NASDAQ: GOOGL) reported its earnings for the second quarter of 2023, wherein the revenue clocked in at $74.06 billion [EPS: $1.44], beating analysts’ estimate of $72.77bn [EPS: 1.32].

The company's stock surged 5.59% in Wednesday's trading session after the earnings release.

Going by the latest earnings report made available by GOOGL on Tuesday after market close, Google’s ad revenue rose 3.3% to $58.1bn.

YouTube ads came in above analyst expectations at $7.67bn, up from $7.34bn the year before.

Google’s “search and other” revenue rose slightly to $42.6bn.

Net income stood at $18.37bn as compared to $16bn in the same period last year.

The finance chief of Alphabet, Ruth Porat, said that he would be leaving his role after eight years to assume the newly created position of president and chief investment officer.

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