CFO Porat to Take New Role as Alphabet Profit Surges

Alphabet, the parent company of Google, outperforms analyst's estimates

Alphabet's net profit increased in the second quarter of the current fiscal year, above market forecasts. For the April-June period, the business posted a net profit of US$1.44 per share. Ruth Porat, the company's long-serving CFO, is slated to take on a new job.

The market estimated the profit to be roughly US$1.34 per share. According to Reuters, using Refinitiv statistics, the company's revenue for the quarter was US$74.6 billion, compared to projections of US$72.82 billion.

The company's profits were boosted by consistent demand for its cloud services and increased advertising. According to Reuters, the company's shares increased by 8% in after-hours trade after the revelation of encouraging results. Conversely, competing companies such as Microsoft traded lower on the stock market. The Meta company's stock increased by 2%.

"Not only did Google deliver fantastic earnings per share, exceeding expectations when investors were doubting its ability to keep up with other tech giants amid the AI frenzy," said Thomas Monteiro, senior analyst at Investing.com. "This strongly suggests that the giant is entering a new growth phase."