18:53
+22 C°
Traffic jam:   6
$
74.1373
89.5060

Alphabet shares hit a new high

29 April 2021
3586
1 min.
3
Alphabet shares hit a new high

Alphabet's earnings growth

Shares in Alphabet, Google's parent company, hit a 52-week high in early trading on Wednesday after the company reported a jump in profits and a 34% rise in revenues.

Alphabet (GOOGL, GOOG) reported its financial results for the first quarter of 2021 on Tuesday after the close of trading, with shares reacting with gains and a number of investment company analysts raising their target prices for the stock.

The online advertising giant posted a profit of $17.93 billion in just three months, more than triple the $6.84 billion the company earned a year ago.

Earnings per share jumped to $26.29 from last year's figure of $9.87 and well above analysts' estimates of $15.82.

Alphabet's quarterly revenue rose 34% to $55.31 billion, also above average analyst expectations of $51.5 billion.

Google's advertising sales jumped 32% year-on-year giving an optimistic signal to investors. Analysts pointed to a recovery in ad spending by companies in the travel, airline, restaurant and entertainment industries as more quarantine restrictions are lifted and economies recover.

The company highlighted the rapid growth of YouTube, with the world's largest video platform generating $6.01 billion in revenue, up 49 percent from the previous year, against estimates of $5.7 billion.

Sales of its Google Cloud division also posted a bigger increase of 45.7%, rising to $4.05bn, slightly below analysts' expectations of $4.07bn. Google and Alphabet CFO Ruth Porat said: "We are very pleased with the continued development of Google Cloud".

Alphabet also announced a massive $50bn share buyback programme.

Persons1 and Companies2 in the news

Chief financial officer at Alphabet
1 place
YouTube
1 place
Section:

Discussion

Rating companies
Tesla
56 Mention
Apple
55 Mention
Amazon
52 Mention
Nasdaq
51 Mention
Dow Jones
43 Mention
Facebook
43 Mention
Microsoft
31 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director