Two major tech giants, Microsoft and Alphabet (Google’s parent company), released their earnings reports after trading ended on Tuesday. Surpassing analysts’ expectations, both companies showcased strong numbers. This is crucial as it justifies the remarkable rise in their stock prices throughout the year.
- Alphabet (Google): During the latest quarter, Google successfully recovered from an unprecedented advertising slump. This rebound indicates a resumption of the growth cycle needed to fuel investments in artificial intelligence (AI) technology, which is expected to reshape the competitive landscape. Alphabet Inc. released its results for the April-June period on Tuesday, revealing a reversal of the financial downturn that had raised concerns about Google’s financial strength. Furthermore, Google’s dominance as a search engine powering its digital ad empire faced the risk of being undermined by AI advancements. However, its ad revenue experienced a year-over-year increase of 3% to reach $58.1 billion in the second quarter, surpassing analysts’ expectations. Overall, Alphabet’s total revenue for the period increased by 7% from the previous year, amounting to $74.6 billion. The company also posted a profit of $18.4 billion, or $1.44 per share, representing a 15% increase compared to the same period last year.
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