Google Profits & Stocks Soar While CFO Assumes New Role
It was a winning second quarter for Alphabet, Google’s parent company, which reported profits that surpassed Wall Street expectations on Tuesday, while Google also reported better than forecasted second-quarter revenue of $74.6 billion.
Also announced this week, the previous CFO, Ruth Porat, who was hired in 2015, was rewarded for her accomplishments at the company by being appointed into the freshly created role of president and chief investment officer of Alphabet and Google, effective September 2023.
As a Morgan Stanley hire, Porat led the Alphabet empire with tremendous success and will now direct the company’s riskier Other Bets portfolio as well as help manage the company’s global investments.
After results were revealed on Tuesday, Alphabet shares leaped up to over 6% in after-market trading while stocks of its competitor Microsoft declined marginally.
The success of Alphabet’s results stemmed from constant demand for its cloud services and an uptick in advertising.
Alphabet’s hero cloud service provider, Google Cloud, grew an impressive 28% to $8.1 billion better than the projected $7.75 billion.
Additionally, Google’s YouTube video service ad sales grew roughly 4.4% up to $7.67 billion.
Overall, Alphabet raked in the cash with a registered net profit of $1.44 per share for the April-June period, instead of the speculated $1.34 per share, and according to Refinitiv data, total revenue of $74.6 billion, over $2 billion forecasted revenue.