On Tuesday, Alphabet said that its second-quarter profit had above Wall Street estimates and that Ruth Porat, the company's longtime CFO, would take on a new job while it searched for a new finance head.
The consistent demand for Alphabet's cloud services and an uptick in advertising contributed to its success. After-hours trading saw an 8 percent increase in the shares. Shares of rival Microsoft, which released results on Tuesday as well, were marginally lower, while those of Meta Platforms, a business likewise heavily reliant on ad sales, increased by as much as 2%.
At a time when investors were concerned about its capacity to compete with other tech giants in the AI craze, Google not only delivered outstanding earnings per share, above expectations, but it also did so in a way that was even better than expected.
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