Google's AI-fuelled gains in cloud bode well for Amazon, Microsoft
The company's stock rose 5.5% in premarket trading on Wednesday, a day after Alphabet posted a 35% surge in Google Cloud revenue, the fastest pace of growth in eight quarters. Analysts expected a 29% rise, according to LSEG.
The company's mainstay ad sales business rose 10%.
«When you see (Microsoft, Amazon) report this week, Google is probably going to have the most impressive cloud growth numbers out there,» said Angelo Zino, senior equity analyst at CFRA Research. «It's probably going be the best of the three this quarter.»
Google's cloud business is much smaller than the other two, and accounted for 13% of its total third-quarter sales. A year earlier, it accounted for 11%.
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