Alphabet Stock Surge Following Strong Google Earnings Report
Alphabet's Earnings Impact on GOOGL Stocks
Alphabet Inc. (NASDAQ: GOOGL) recently reported remarkable earnings, leading to a surge in its stock price. The company generated $88.27 billion in revenue for Q3, which exceeded forecasts by $2 billion.
Key Earnings Figures
- EPS: $2.12, above the estimated $1.85.
- Cloud Revenue Growth: 35% year-over-year, reaching $11.35 billion.
The after-hours market responded positively, pushing GOOGL shares up by 6.57%.
Wall Street Analysts React
Analysts quickly updated their price targets post-earnings report:
- Citi Group: Target raised to $216, maintaining a 'buy' rating.
- Wedbush: Target set at $210, also termed as 'outperform.'
Both institutions highlighted strong growth in Google Search and YouTube monetization. Analysts believe that Alphabet's potential in artificial intelligence adds further upside, despite existing regulatory challenges.
Market Consensus
The overall market sentiment remains positive, with the majority of analysts retaining their 'buy' recommendations. The strong Q3 performance is expected to cause notable adjustments in price targets moving forward.
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