Why Alphabet's stock is the standout gainer on Big Tech's monster earnings day
Alphabet's stock rose 7% in after-market trading following its earnings call, where the company reported massive cloud growth and beat earnings expectations. The company's cloud revenue grew 63% from a year earlier, driven by enterprise AI solutions.
Alphabet's stock surged 7% in after-market trading after the company reported strong earnings and cloud growth. The Google parent company's cloud revenue grew 63% from a year earlier, driven by enterprise AI solutions. Alphabet's cloud backlog nearly doubled to $462 billion, thanks to AI demand and hardware sales. The company raised its full-year capital expenditure projections to between $180 billion and $190 billion. Investors rewarded Alphabet's investment, backed by a $460 billion order backlog, unlike other hyperscalers such as Meta, Amazon, and Microsoft, which had mixed reactions to their earnings reports.
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