Meta, Alphabet net profits up as Microsoft, Snap stocks slip
ALBAWABA – Google parent company Alphabet net profits exceeded $1.4 per share in the second quarter of 2023, up 7 percent, the company reported Tuesday.
Alphabet net profits were bolstered by steady demand for its cloud services and a rebound in advertising. The shares jumped 8 percent in after-hours trading.
Revenues for the April-June period stood at $74.6 billion, with Google Cloud and Youtube Ad sales up 28 percent and 4.4 percent, respectively, to $8.1 billion and $7.67 billion, according to CNBC.
Alphabet reported $69.7 billion in revenues in the same period of 2022.
Google’s ad revenue rose 3.3 percent to $58.14 billion, up from $56.29 billion last year. While Google’s “search and other” revenue rose to $42.63 billion, up slightly from last year.
Alphabet net profits rose to $18.37 billion from $16 billion in the second quarter of 2022.
The company also announced that CFO, Ruth Porat, would assume a new role while the company sought a new finance chief, Reuters reported.
Good day for Alphabet
Shares of rival Microsoft slipped after the company also posted results Tuesday, with Azure revenues up 26 percent. Whereas Meta Platforms shares were up 2 percent on Wednesday.
Meanwhile, investors punished social media company Snap on Tuesday for its disappointing ad sales in the quarter, according to Reuters.
