Alphabet shares rose 10% in premarket trading
Tiger Newspress2022-02-02
Alphabet shares rose 10% in premarket trading.
Google parent Alphabet beat fourth-quarter sales expectations on Tuesday as the search giant's internet advertising, cloud computing and hardware businesses benefited from holiday shopping.
The results were the latest to signal that the global trend toward a more digital economy has made Big Tech companies resistant to small-market shocks. While concerns about rising inflation, COVID-19 variants and supply-chain shortages have rattled Wall Street and affected sales at some businesses, the companies that control key gateways to the Web have not seen a dip since the early days of the pandemic.
Alphabet's overall quarterly sales jumped 32 per cent to US$75.3 billion, above the average estimate of US$72 billion among financial analysts tracked by Refinitiv. Total Google revenue was US$74.9 billion, above estimates of US$71.652 billion.
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