Why Alphabet Stock Is Rising Today
(NASDAQ: GOOGL)(NASDAQ: GOOG) stock is closing out the week's trading with another round of solid gains. The company's share price was up 1.6% as of 3:20 p.m. ET Friday and had been up as much as 4.3% earlier in the session.
Alphabet published its first-quarter results after the market closed yesterday and delivered sales and earnings for the period that came in ahead of the average Wall Street targets. The business posted non-GAAP (adjusted) earnings per share of $2.81 on sales of $90.23 billion, topping the average analyst estimate's call for per share earnings of $2.01 on revenue of $89.15 billion.
Alphabet reported a substantial sales beat in the first quarter, with stronger-than-expected performance for the advertising business helping to offset a small shortfall in sales from the company's Google Cloud infrastructure services business. Artificial intelligence (AI) services helped push ads revenue up to $66.8 billion, topping Wall Street's call for sales of $66.4 billion. And despite sales of $12.26 billion for Google Cloud falling slightly short of Wall Street's forecast, the unit still grew 28% year over year in the period. Alphabet's beat on profitability was even more impressive.
Source Fool.com
Alphabet Inc. C Stock
The stock is one of the favorites of our community with 37 Buy predictions and 4 Sell predictions.
With a target price of 194 € there is a positive potential of 29.71% for Alphabet Inc. C compared to the current price of 149.56 €.
