Alphabet stock soars as earnings crush estimates on strong cloud growth

Published On Oct 29, 2024, 5:36 PM

Alphabet's stock rose by 6% in after-hours trading following the company's strong fiscal third-quarter earnings report which exceeded analysts' expectations. The company posted earnings per share of $2.12 and revenue of $88.27 billion, both significant increases from last year, driven primarily by its growing cloud business which saw a 35% rise in revenue year-over-year. Alphabet's advertising revenue also surpassed expectations, contributing further to positive market sentiment. CEO Sundar Pichai highlighted the accelerating momentum in their cloud services, supported by advancements in AI.