Alphabet Q2 results: Earnings beat expectations, rise in ad and cloud services revenue,CFO Ruth Porat to take new role
Beating the market expectations, Alphabet reported a rise in its net profit for the second quarter of the current financial year. The company reported a net profit of $1.44 per share for the April-June period. Company's long time CFO, Ruth Porat is set to take a new role in the company.
The market was estimating the profit to be at around $1.34 per share. Company's revenue for the quarter stood at $74.6 billion against the estimates of $72.82 billion, reported Reuters citing Refinitiv data. The company results were fuelled by steady demand for its cloud services and a rebound in advertising.
Soon after the announcement of promising results, the company shares jumped by 8% in after-hours of trading, reported Reuters. On the other hand, rival firms like Microsoft were trading on a lower note on the stock market. Meta company's shares rose by 2%.
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