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Alphabet Q1 tops estimates, Google Cloud revenue soars
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Alphabet topped Wall Street estimates for quarterly revenue on Wednesday, as enterprise spending on artificial intelligence delivered the best quarter of growth for its cloud unit since the start of the AI boom.
The Google parent company's total revenue rose 22 per cent to $109.9 billion in the first quarter, above an estimate of $107.2 billion, according to LSEG data.
Shares of the company were up more than seven per cent in extended trading.
Google-parent Alphabet soars as Meta stumbles over AI costs
Google-parent Alphabet impressed Wall Street with its latest quarterly earnings on Wednesday, as big tech rival Meta left investors lukewarm amid concerns about the huge cost of AI development.
The earnings — along with reports from Microsoft and Amazon — came as AI titans pump billions of dollars into cloud computing and artificial intelligence, vying to lead in technology that they insist will transform all aspects of life.
Shares in Alphabet rose by more than six percent in after-hours trading as investors lauded the company's success in making the pivot to AI and solid revenue across its major divisions.
The tech giant reported a profit of $62.6 billion on revenue just shy of $110 billion, easily eclipsing the same period a year earlier and beating market expectations.
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