Alphabet stock price surges 10% on strong second-quarter earnings growth

Share price of Google parent company Alphabet (NASDAQ: GOOG, GOOGL) surged 10% this week to a Friday close of $132.58, on news of strong earnings growth in a difficult advertising market, surpassing Wall Street expectations.

Although Google's ad revenue - held back by corporate advertising cutbacks and potential for competition from AI chatbots - was up only 3.3% from a year earlier, Alphabet's total second-quarter revenue was up 7% YOY to $74.6B, buoyed by growth at Search, YouTube, Google Cloud and Google Other segments.

InvestorPlace (InvestorPlace.com) yesterday named Alphabet the #1 Best Stock to Buy Now (September 2023), noting:

"The future of AI and technology may become concentrated among a few powerful firms, and Alphabet is shaping out to be one of them. Investors should not miss out on the buying opportunity of GOOG stock, as it is uniquely growing from the economy. "

Alphabet is the largest adtech company globally, accounting for nearly 30% of total ad spend last year.

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Subhead	Alphabet is the largest adtech company globally, accounting for nearly 30% of total ad spend last year
Website	Visit Website https://www.google.com
Rating	80/5 1 2 3 4 5 4/5 based on 1 vote. Show Individual Votes
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Alphabet stock price surges 10% on strong second-quarter earnings growth

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