Alphabet stock rises on 13% revenue growth
Google CEO Sundar Pichai
Alphabet shares rose as much as 4% in extended trading on Tuesday after the company reported earnings for the first quarter.
Here’s how the company did:
- Earnings: $9.87 per share, adjusted
- Revenue: $41.16 billion
- Cloud revenue: $2.78 billion
- YouTube advertising revenue: $4.04 billion
- Traffic acquisition costs: $7.45 billion
Alphabet’s revenue growth rate slowed to 13% in the quarter from 17% one quarter earlier, according to a statement. Though it’s difficult to say what caused the stock’s rise, investors were likely expecting much worse. Given the advertising spend pull-back from some of its major customers and its prior slowed ad growth, the results could have shown a steeper hit. Advertising still makes up the vast majority of Alphabet’s total revenue, at 82%.
Analysts surveyed by Refinitiv had expected $10.33 in adjusted earnings per share on $40.29 billion in revenue. Analysts polled by …continued .
[Source: CNBC News]