CNBC April 25, 2024
Key Points
– Alphabet’s strong first-quarter results showed the Google parent can grow ad sales and manage costs in AI as the same time.
– Revenue climbed 15%, the fastest rate since early 2022, and profit in the cloud business more than quadrupled.
– The after-market stock rally lifted Alphabet’s market cap past $2 trillion.
Alphabet went into its earnings report on Thursday facing concerns about the growth of its core Google ads business and the company’s ability to generate profits from its hefty investments in artificial intelligence.
For the time being at least, the company put Wall Street’s fears to rest.
Alphabet topped analysts’ estimates, reporting revenue growth of 15% for the quarter, the fastest rate of expansion since...
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