REUTERS: Shares of Alphabet Inc rose nearly 9per cent in premarket trading on Friday, after the company handily beat Wall Street targets on higher ad sales and touted growth at its cloud unit, a high-margin business it is leaning more on to drive growth.
The rise in Alphabet's shares, set for their biggest single-day gain in four years, could help the stock catch up with its peers this year. Through Thursday's close, Alphabet had risen 9 percent this year, compared with more than 30per cent for both Amazon and Microsoft.Alphabet beat second-quarter revenue and earnings expectations on higher ad sales, bouncing back from a rare revenue miss in the first quarter, and offered no worrisome guidance about increasing regulatory scrutiny.
Source: News Formal (newsformal.com)
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