Alphabet's stock performance lagged in 2023, increasing less than 2% by July 31, compared to Meta Platforms' over 30% rise. However, a strong second-quarter earnings report led to a stock price climb, approaching a 52-week high. Revenue reached $96.4 billion, up 14% year over year, with net income rising 19% to $28.2 billion. Earnings per share surged 22% to $2.31, exceeding analysts' expectations. Management attributes part of this growth to investments in artificial intelligence, which has significantly enhanced search traffic and overall usage.
Alphabet shares have experienced sluggish growth, with only a 2% increase through July 31. In contrast, Meta Platforms saw a 30% jump in the same period.
The second-quarter earnings report revealed a 14% year-over-year revenue increase to $96.4 billion and a net income of $28.2 billion, up 19% from last year.
Diluted earnings per share soared 22% year over year to $2.31, surpassing Wall Street's estimate of $2.18, showcasing Alphabet's strong financial performance.
CEO Sundar Pichai highlighted that Google's search traffic has been positively influenced by new AI experiences, contributing significantly to the overall increase in usage.
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