Alphabet Surges 7% on Strong Q2 Earnings and AI Developments – Fagen wasanni
Alphabet, the parent company of Google, experienced a surge of up to 7% on Wednesday, resulting in a market valuation increase of $111 billion. The search giant reported better-than-expected second-quarter earnings, highlighting its advancements in artificial intelligence (AI).
Alphabet’s revenue grew by 7% to reach $74.6 billion, while its operating income saw a 12% increase to $21.8 billion. Of particular note was the fact that Alphabet’s Google Cloud division achieved positive operating income, an important milestone for the company. Previously, Google Cloud lagged behind Amazon’s AWS and Microsoft’s Azure in terms of market share.
During the earnings call, Alphabet emphasized its commitment to AI. CEO Sundar Pichai stated, “This is our seventh year as an AI-first company, and we intuitively know how to incorporate AI into our products.” Pichai highlighted the integration of AI capabilities into Google’s search engine products and emphasized the continuous improvement of the…
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source: https://news.oneseocompany.com/2023/07/26/alphabet-surges-7-on-strong-q2-earnings-and-ai-developments-fagen-wasanni_2023072648162.html
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