🚀 Alphabet Shares Surge

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Alphabet shares surged in after-hours trading following a robust earnings report that exceeded expectations and the announcement of the company's first-ever dividend, propelling its market value above $2 trillion. Alphabet reported earnings per share of $1.89, surpassing the $1.51 expected by analysts. Revenue also topped expectations at $80.54 billion versus the anticipated $78.59 billion. Notably, YouTube's advertising revenue and Google Cloud's performance exceeded forecasts, with YouTube generating $8.09 billion and Google Cloud $9.57 billion in revenue. Alphabet declared a dividend of 20 cents per share, with plans for future quarterly distributions, and authorized an additional $70 billion in share repurchases. Net income saw a significant jump of 57% to $23.66 billion. CEO Sundar Pichai highlighted the company's AI investments as key to sustaining Google's relevance in evolving online search and information access.

2. Snap reported first-quarter results that exceeded analysts' expectations, driving its shares up by over 23% in extended trading. The company achieved adjusted earnings per share of 3 cents, surpassing the expected loss of 5 cents, and posted revenue of $1.19 billion against a forecast of $1.12 billion. Snap also reported 422 million daily active users, slightly above expectations. This growth marks a significant turnaround, with a 21% increase in revenue compared to the previous year, following several quarters of slower growth. The improvement is attributed to enhancements in Snap's advertising platform and growing demand for its direct-response advertising solutions. Adjusted EBITDA reached $46 million, notably better than the anticipated $68 million loss. Despite the strong quarter, Snap's net loss narrowed to $305.1 million. For the upcoming quarter, Snap expects revenue between $1.23 billion and $1.26 billion and adjusted EBITDA ranging from $15 million to $45 million. The company also plans modest growth in headcount and personnel costs through the year.

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4. Headlines

   1. Red Lobster is looking to sell to avoid bankruptcy.

   2. GDP rose 1.6%, which was less than expected.

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