Alphabet Stock Pops Despite Earnings Miss
Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) reported first-quarter 2020 results after the market closed on Tuesday.
Class A (GOOGL) and Class C (GOOG) shares of the Google parent and tech giant jumped 7.9% and 7.7%, respectively, in after-hours trading on Tuesday. This fact would usually bode well for the stocks' performances on Wednesday, but this is not a typical market. Coronavirus-related news is largely in the driver's seat.
We can attribute the market's initial reaction to revenue beating Wall Street's consensus estimate. The market was relieved that the company's ad revenue didn't take an even bigger hit in March, when many companies halted or lowered their ad spending due to the COVID-19 pandemic.
Source Fool.com
