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Google parent Alphabet stock cracks $2000 mark

Alphabet shares jumped more than 7% to $2,066 in the extended trading session and climbed to above $2000 mark for the first time.

Google parent Alphabet stock cracks $2000 mark

Google's parent company Alphabet (NASDAQ: GOOGL) has released its fourth-quarter financial results on Tuesday after the market close. The internet search leader reported $46.2 billion in revenue and $11.2 billion in net income in the last quarter. Alphabet shares jumped more than 7% in the extended trading session and climbed to above $2000 mark for the first time.

  • Earnings per share (EPS) $22.30 vs. $15.90 expected

  • Revenue $56.9 Billion vs. $53 Billion expected

"Our strong results in the last quarter reflect the usefulness of our products and services to individuals and businesses, as well as the accelerated transition to online services and the cloud," said Alphabet CEO Sundar Pichai.

The strong results boosted by the increase in teleworking and life in the computing cloud due to the coronavirus. Cloud sales were $13.1 billion for the full year, up 46% from 2019. Recently Google has announced an important agreement with Ford for the cars of this manufacturer to use Google Cloud as a method to interconnect.

On the other hand, Google collected $ 46 billion in advertising revenue compare to $ 37.93 billion in Q4 2019, including nearly $ 6.9 billion generated on the YouTube advertising revenue.

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Alphabet shares have climbed almost 10% since the beginning of the year and the stock has risen over 80% since March 2020 low.

 

 

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