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Alphabet’s stock jumps as cloud fuels strong revenue growth
- Alphabet's stock surged in after-hours trading following a strong earnings beat, driven by robust cloud revenue growth.
- Alphabet reported $2.12 earnings per share on revenue of $88.27 billion, beating Wall Street expectations of $1.85 earnings per share on sales of $86.3 billion.
- Alphabet's cloud unit saw a revenue growth of 35% on the $8.41 billion in sales it posted last year, primarily driven by rapid update of its artificial intelligence services.
- Google Search delivered $49.4 billion in sales during the quarter, up 12.3% from the same period last year, and still the largest contributor to revenue growth.
- YouTube's advertising revenue for the quarter was $8.92 billion, with More growth than the previous quarter attributed to the company's use of AI to improve recommendations.
- Alphabet Chief Executive Sundar Pichai insisted that Google Cloud’s “full stack” of AI products and services is already up and running at scale, used by billions of people worldwide and 'creating a virtuous cycle.'
- Alphabet's Other Bets division, which includes life sciences business Verily and the self-driving car division Waymo, posted sales of $388 million, up from $297 million in the same period one year ago.
- CEO Sundar Pichai talked up Google Lens, its image recognition product that leverages smartphone cameras to conduct visual searches.
- The company is planning to use AI to streamline workflows, manage headcount and physical footprint.
- Investing.com analyst Thomas Monteiro said Alphabet’s results can be taken as a bellwether of what’s to come from the other big tech stocks set to report earnings later this week.
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