Alphabet adds nearly 2% as search, advertising units show resilient growth

Alphabet CEO Sundar Pichai during the Google I/O developers conference in Mountain View, California, on May 10, 2023. Alphabet 's stock gained 1.7% on Friday after signaling strong growth in its search and advertising businesses amid a competitive artificial intelligence environment and uncertain macro backdrop. "GOOGL's pace of GenAI product roll-out is accelerating with multiple encouraging signals," wrote Morgan Stanley's Brian Nowak. "Macro uncertainty still exists but we remain [overweight] given GOOGL's still strong relative position and improving pace of GenAI enabled product roll-out." The search giant posted earnings of $2.81 per share on $90.23 billion in revenue. That topped the $89.12 billion in sales and $2.01 in EPS expected by LSEG analysts. Revenue grew 12% year over year and ahead of the 10% anticipated by Wall Street. Net income rose 46% to $34.54 billion, or $2.81 per share. That's up from $23.66 billion, or $1.89 per share, in the year-ago period. Alphabet said ... Read full article.