Alphabet Q2 results: Earnings beat expectations, rise in ad and cloud services revenue,CFO Ruth Porat to take new role | Mint
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Business News/ Companies / Company Results/  Alphabet Q2 results: Earnings beat expectations, rise in ad and cloud services revenue,CFO Ruth Porat to take new role
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Alphabet Q2 results: Earnings beat expectations, rise in ad and cloud services revenue,CFO Ruth Porat to take new role

Alphabet's Q2 profit beat expectations, driven by strong demand for its cloud services and rebounding advertising. CFO Ruth Porat will assume a new rol

Google parent Alphabet is among a host of companies that have been beating analysts’ expectations.Premium
Google parent Alphabet is among a host of companies that have been beating analysts’ expectations.

Beating the market expectations, Alphabet reported a rise in its net profit for the second quarter of the current financial year. The company reported a net profit of $1.44 per share for the April-June period. Company's long time CFO, Ruth Porat is set to take a new role in the company.

 The market was estimating the profit to be at around $1.34 per share. Company's revenue for the quarter stood at $74.6 billion against the estimates of $72.82 billion, reported Reuters citing Refinitiv data.

The company results were fuelled by steady demand for its cloud services and a rebound in advertising. Soon after the announcement of promising results, the company shares jumped by 8% in after-hours of trading, reported Reuters. On the other hand, rival firms like Microsoft were trading on a lower note on the stock market. Meta company's shares rose by 2%.

"Not only did Google deliver fantastic earnings per share, exceeding expectations at a time when investors were questioning its ability to keep up with other tech giants amid the AI frenzy, it also did so by a considerable margin," said Thomas Monteiro, senior analyst at Investing.com. "This strongly indicates that a new growth phase for the giant is likely under way."

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Published: 26 Jul 2023, 07:25 AM IST
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