Alphabet tempers fears that it's falling behind in AI with blowout first-quarter results [MSNBC.com]
Alphabet Inc. - Class C Capital Stock (GOOG)
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Source: MSNBC.com
AlphabetFor the time being at least, the company put Wall Street's fears to rest.toppedQuestions have been swirling about the future of Google's online ads, because the biggest revenue driver remains search, which is under pressure as new generative AI services like OpenAI's ChatGPT offer consumers new ways to access information."We're very pleased with momentum of our ads businesses," Alphabet finance chief Ruth Porat said on Thursday's earnings call after the report. "Search had broad-based growth."Alphabet shares jumped 12% in extended trading, pushing the company's market cap past $2 trillion. Prior to the report, the stock was up 12% for the year, ahead of the Nasdaq Composite but trailing some mega-cap peers likeMetaNvidiaAmazonFirst-quarter results showed the core advertising business is reaccelerating after a difficult 2022 and 2023, when brands reeled in spending to contend with rising interest rates and inflationary concerns. Growth is spread across the digital ad market, wi
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