Alphabet (GOOGL) Stock Soars 34% in April Following Stellar Q1 Earnings
Alphabet's stock surged 33.8% in April following a strong Q1 earnings report, with revenue increasing 22% to $109.9B and Google Cloud revenue growing 63% to $20B. The company's Google Cloud customer backlog nearly doubled to $468B, driving Wall Street's bullish sentiment with 86% Buy ratings.
Alphabet's shares rose 33.8% in April, its best monthly performance in two decades. The surge followed the company's Q1 earnings report, which showed revenue growth of 22% to $109.9B. Google Cloud revenue skyrocketed 63% to $20B, with its customer backlog nearly doubling to $468B. The company plans to sell its Tensor Processing Units directly to enterprise customers, competing with Nvidia. Wall Street analysts remain bullish, with 86% assigning a Buy rating to GOOGL. J.P. Morgan maintained its Overweight stance and raised its price target from $395 to $460.
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