Why Alphabet Shares Are Rising Today
Shares of Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) soared on Wednesday, following the Google parent company's impressive third-quarter earnings report. The vote-carrying A shares (GOOGL) rose as much as 6.8% before retreating to a 6.1% gain as of 12:30 p.m. EDT. Alphabet's voteless C shares (GOOG) followed close behind with gains of 6.7% and 6.1%, respectively.
Top-line sales rose 41% year over year to $65.1 billion. Earnings jumped 71% higher over the same period, landing at $27.99 per diluted share. Your average analyst would have settled for earnings near $23.47 per share on revenue of roughly $63.5 billion. Search ads, YouTube ads, and cloud services all delivered year-over-year revenue growth above 40%.
Remote workers have been a boon for Alphabet's financial results. Image source: Getty Images.
Source Fool.com
