26 Jul 2023

Alphabet shares rose about 7% in extended trading on Tuesday after the company reported better-than-expected revenue and profit, driven by growth in its cloud-computing unit.

For the fourth straight quarter, Google’s parent company reported growth in the single digits as it reckons with a pullback in digital ad spending that reflects concerns about the economy. Analysts don’t expect growth to hit double digits again until the fourth quarter. $GOOG Alphabet Q2 FY23 details by App Economy Insights • Revenue +7% Y/Y to $74.6B ($1.8B beat) • Operating margin 29% (+1pp Y/Y) • EPS $1.44 ($0.10 beat) ☁️ Google Cloud: • Revenue +28% Y/Y to $8.0B. • Operating margin 5% (+14pp Y/Y). ▶️ YouTube ads +4% to $7.7B. Source: App Economy Insights, CNBC

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