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The Daily Chase: Big tech beats, oil earnings disappoint [BNN Bloomberg (Canada)]
Last alphabet inc. - class c capital stock earnings: 4/28 04:02 pm
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hotly anticipated on Thursday, and the numbers from both companies came in ahead of expectations. Google was the big winner, with revenue increasing 15 per cent to more than US$80 billion, and profit rising from $15 billion to just over $23 billion. The strong showing prompted the company to announce plans to buy back $70 billion of its own shares and implement a quarterly dividend for the first time in its history. AI was a major driver of growth, as it was at Microsoft where the numbers weren't quite as eye-popping but still solidly positive. Revenue rose 17 per cent to $61.9 billion during the quarter, and profit was higher, too. Google stock is up by about 11 per cent in premarket trading while Microsoft is up by about 5 per cent on the upbeat outlook. After a touch-and-go few weeks, the Magnificent 7 are looking a lot more magnificent once again. Big Oil earnings disappoint: While Big Tech is shining brightly, it was a different story at Big Oil on Friday. Chevron shares were d
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