👋 Alphabet Inc (Google) — Bear Trap Escape
American company Alphabet Inc. two days before has published a quartrely statement and announced an increase in net profit and revenue in the second quarter ended in June.
In addition, the company said its chief financial officer, Ruth Porat, will take over as president and chief investment officer of Alphabet and Google from September 1, 2023.
At the same time, Porat will temporarily remain as CFO of Alphabet and Google until her successor is found.
The company reported net income of $18.4 billion, or $1.44 per share, compared to $16 billion, or $1.21 per share, a year earlier.
Revenue, meanwhile, rose from $69.7 billion a year earlier to $74.6 billion, also above the market's forecast of $62.06 billion. Cloud revenue was up 28% year-over-year.
Comments by Sundar Pichai, CEO of Alphabet and Google:
“Our products and company performed well this quarter. Our continued leadership in artificial intelligence and our excellence in engineering and innovation are driving the next evolution of Search and improving all of our services.
With 15 products serving half a billion people each, and 6 of them serving more than two billion people, we have a lot of opportunities.”
Comments by Ruth Porat, Chief Financial Officer of Alphabet and Google:
“Our financial results reflect continued resilience in search with accelerating revenue growth in both search and YouTube, as well as momentum in the cloud.
We continue to invest for growth while prioritizing our efforts to long-term reorganize our company-wide cost base and build the capacity to deliver sustainable value over the long term.”
As announced on April 20, 2023, the Company has merged part of Google Research (the Brain team) and DeepMind to significantly accelerate advances in artificial intelligence (AI).
A group called Google DeepMind is reflected in Alphabet's unallocated corporate expenses starting in the second quarter of 2023.
Shares of Google rose more than 6 percent in premarket trading on Wednesday, with a lot of room for further gains.
Technical pictures indicates that major breakout of $125 resistance is happening right now, hitching the price above the neckline in reversed Head and Shoulders chart pattern structure.
In addition, the company said its chief financial officer, Ruth Porat, will take over as president and chief investment officer of Alphabet and Google from September 1, 2023.
At the same time, Porat will temporarily remain as CFO of Alphabet and Google until her successor is found.
The company reported net income of $18.4 billion, or $1.44 per share, compared to $16 billion, or $1.21 per share, a year earlier.
Revenue, meanwhile, rose from $69.7 billion a year earlier to $74.6 billion, also above the market's forecast of $62.06 billion. Cloud revenue was up 28% year-over-year.
Comments by Sundar Pichai, CEO of Alphabet and Google:
“Our products and company performed well this quarter. Our continued leadership in artificial intelligence and our excellence in engineering and innovation are driving the next evolution of Search and improving all of our services.
With 15 products serving half a billion people each, and 6 of them serving more than two billion people, we have a lot of opportunities.”
Comments by Ruth Porat, Chief Financial Officer of Alphabet and Google:
“Our financial results reflect continued resilience in search with accelerating revenue growth in both search and YouTube, as well as momentum in the cloud.
We continue to invest for growth while prioritizing our efforts to long-term reorganize our company-wide cost base and build the capacity to deliver sustainable value over the long term.”
As announced on April 20, 2023, the Company has merged part of Google Research (the Brain team) and DeepMind to significantly accelerate advances in artificial intelligence (AI).
A group called Google DeepMind is reflected in Alphabet's unallocated corporate expenses starting in the second quarter of 2023.
Shares of Google rose more than 6 percent in premarket trading on Wednesday, with a lot of room for further gains.
Technical pictures indicates that major breakout of $125 resistance is happening right now, hitching the price above the neckline in reversed Head and Shoulders chart pattern structure.
Trade active:
Trade active:
Alphabet added 56% in 2023, and ready to go.