"Alphabet's second quarter results surpassed Wall Street expectations, driven by high demand for cloud services and an increase in capital spending plans to around $85 billion."
"Google Cloud's revenue growth reached nearly 32%, significantly exceeding estimates and demonstrating strong demand for its cloud products and services."
"Despite reporting more than 18% stock rise since the previous earnings, shares fell 1% in extended trading after earnings release."
"Advertising revenue rose 10.4% in the second quarter to $71.34 billion, outperforming analysts' expectations and showing the strength of Google's digital ad market."
Alphabet's second quarter performance outpaced Wall Street predictions, largely due to a surge in demand for its cloud computing services, leading the company to raise its capital spending plans to about $85 billion. Google Cloud's revenue grew nearly 32%, surpassing estimates of 26.5%. Advertising revenue from Google rose 10.4% to $71.34 billion, exceeding expectations. Despite a significant rise in shares since April, the stock dipped by 1% in after-hours trading. The company is part of a trend of Big Tech investing heavily in AI capabilities amid increasing competitive pressures.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]