{"id":111402,"date":"2021-02-03T15:48:42","date_gmt":"2021-02-03T15:48:42","guid":{"rendered":"https:\/\/precoinnews.com\/?p=111402"},"modified":"2021-02-03T15:48:42","modified_gmt":"2021-02-03T15:48:42","slug":"stock-alert-alphabet-inc-adds-7-on-strong-quarterly-results","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/stock-alert-alphabet-inc-adds-7-on-strong-quarterly-results\/","title":{"rendered":"Stock Alert: Alphabet Inc. Adds 7% On Strong Quarterly Results"},"content":{"rendered":"
Shares of Google parent company Alphabet Inc. (GOOG) are trading more than 7% up Wednesday morning on better-than-expected fourth-quarter results.<\/p>\n
Net income in the fourth quarter was $15.227 billion or $22.3 per share compared with $10.671 billion or $15.35 per share in the same a year ago. On average 20 analysts polled by Thomson Reuters expected the company to report earnings of $15.99 per share.<\/p>\n
Revenue for the quarter jumped to $56.898 billion compared with $46.075 billion in the same quarter a year ago, helped by growth in cloud revenues.<\/p>\n
Ruth Porat, CFO of Google and Alphabet, said: “Our strong fourth quarter performance, with revenues of $56.9 billion, was driven by Search and YouTube, as consumer and business<\/span> activity recovered from earlier in the year. Google Cloud revenues were $13.1 billion for 2020, with significant ongoing momentum, and we remain focused on delivering value across the growth opportunities we see.”<\/p>\n GOOG touched a new high of $2,093.18 this morning and currently trading at $2,068.79. <\/p>\n