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Alphabet Surges After-Hours On Record Search Queries, Backlog Builds [zero hedge]
Last alphabet inc. - class c capital stock earnings: 4/28 04:02 pm
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US:NASDAQ Investor Relations: abc.xyz/investor
Alphabet Surges After-Hours On Record Search Queries, Backlog Builds Google shares are rallying after hours as parent Alphabet's first-quarter earnings report showed strong revenue growth in cloud computing and internet search ads , helping investors look past slowing profits amid huge AI spend . Earnings per share were $5.11, well ahead of Wall Street's consensus estimate of $2.63, and up from $2.81 last year. Revenue for the quarter reached $110 billion, more than expectations of $107 billion, and up 22% on the year. The most closely watched line in Google's reporting is its cloud unit which will spend up to $185 billion on AI data centers this year to support its customers that rent AI servers over the internet. Quarterly cloud sales hit $20 billion, up 63% with a 33% operating profit margin. Despite mounting depreciation expenses, Google Cloud's margin is rising quickly. In Q1, Google's cloud computing backlog boomed to $460 billion from $240 billion in the December quarter. The b
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