From Nasdaq: 2024-04-26 18:03:00

Alphabet GOOGL exceeded Q1 earnings expectations, with a 61% increase in EPS and 16% growth in sales, driven by Google Search, Cloud, and YouTube advertising. The tech giant also announced its first-ever dividend and $70 billion in stock buybacks, leading to a +10% surge in shares. Alphabet briefly hit a $2 trillion market cap, becoming the third company to do so. Analysts expect continued growth in 2024, with a Zacks Rank #3 (Hold) currently for GOOGL.

Additionally, Google Cloud revenue surpassed estimates by 3%, reaching $9.57 billion and growing 28% YoY. Alphabets’ market cap briefly hit $2 trillion for the first time since 2021, making it the third company to do so. Alphabet is expected to experience double-digit growth in both top and bottom lines for fiscal 2024 and holds a Zacks Rank #3 (Hold) for now.

In other news, Zacks Investment Research is offering a free special report on how to profit from the 2024 Presidential Election, regardless of the outcome. Since 1950, election years have proven strong for the market. The report includes recommendations on timely stocks, such as a medical manufacturer and an energy powerhouse planning to grow its dividend.



Read more at Nasdaq: Time to Buy the Surge in Alphabet’s (GOOGL) Stock After Earnings?