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Google parent Alphabet’s second-quarter profit exceeded Wall Street expectations on Tuesday, helped by steady demand for its cloud services and a rebound in advertising, sending shares higher by 4% in extended trading
Advertisers who make up a big share of Alphabet’s revenue, have pulled back spending precious dollars on untested advertising platforms, helping the Google parent and Facebook owner Meta Platforms.
Google Cloud, which is among the biggest cloud service providers, is expected to benefit from growth driven by strong adoption of artificial intelligence tools.
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The company reported net profit of $1.44 per share for the April-June period, compared with estimates of $1.34 per share.
Revenue for the quarter stood at $74.6 billion, compared with estimates of $72.82 billion, according to Refinitiv data.
