In an engaging address at the Google Cloud Next ’19 event in San Francisco, California, Sundar Pichai, the CEO of Google, captivated the audience with his visionary insights.
Alphabet’s stock witnessed a remarkable surge of nearly 6% following the company’s Q2 earnings announcement. The robust performance exceeded expectations, fueled by impressive growth in cloud computing revenue.
The company reported adjusted earnings per share of $1.44, surpassing the estimated $1.34 determined by a Refinitiv survey of analysts. Additionally, the Q2 revenue stood at $74.6 billion, surpassing the consensus estimate of $72.82 billion.
The significant contributor to this stock surge was the outstanding growth in the cloud computing division, as Google Cloud recorded $8.03 billion in sales. This surpassed the StreetAccount consensus of $7.87 billion and positioned Google Cloud as a formidable contender against competitors like Amazon Web Services and Microsoft Azure.
Notably, Google’s cloud unit achieved its second consecutive quarter of operating profit, with an impressive income of $395 million for the second period. This marked a significant improvement compared to a $590 million loss in the same quarter of the previous year.
Leading Wall Street analysts celebrated these exceptional results and acknowledged Alphabet’s dominant position in investing in artificial intelligence (AI) over the past 5-6 years. They believe the company is well-positioned to leverage this trend in the coming decade.
Furthermore, Alphabet announced that its finance chief, Ruth Porat, will assume the role of president and chief investment officer, effective immediately. Porat will continue in this position until a successor is identified, as stated in a press release by Google.
— This report includes contributions from CNBC’s Jennifer Elias.
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