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ALPHABET STOCK FALLS AS Q2 AD REVENUE GROWTH SLOWS

Alphabet stock is trading lower Wednesday as slowing ad sales growth offsets a
Q2 earnings beat. Here's what you need to know.

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By Joey Solitro
published 24 July 2024
inNews

Shares of Google's parent company Alphabet (GOOGL) are tumbling Tuesday even
after the tech giant beat analysts' top- and bottom-line expectations in its
second-quarter earnings report.


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In the quarter ended June 30, Alphabet said its revenue increased 14%
year-over-year to $84.7 billion, boosted in part by a 30% jump in Google Cloud
revenue to $10.3 billion. Its earnings per share (EPS) improved 31% over the
year-ago period to $1.89.



This was the first time Alphabet's Google Cloud segment topped $10 billion in
quarterly revenue and $1 billion in operating profit, said Ruth Porat, chief
financial officer of Alphabet, in a statement. "As we invest to support our
highest growth opportunities, we remain committed to creating investment
capacity with our ongoing work to durably re-engineer our cost base."


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Alphabet's total advertising revenue increased 11.1% year-over-year to $64.6
billion, including 13% year-over-year growth at YouTube to $8.7 billion. Still,
this was slower than the 13% rise in ad sales seen in Q1, which some are saying
is the reason for today's slump.

GOOGL's top- and bottom-line results exceeded analysts' expectations. Wall
Street was anticipating revenue of $84.2 billion and earnings of $1.84 per
share, according to CNBC.



"Our strong performance this quarter highlights ongoing strength in Search and
momentum in Cloud," said Alphabet CEO Sundar Pichai in a statement. "We are
innovating at every layer of the artificial intelligence (AI) stack. Our
longstanding infrastructure leadership and in-house research teams position us
well as technology evolves and as we pursue the many opportunities ahead."


IS ALPHABET STOCK A BUY, SELL OR HOLD?

Alphabet has turned in a strong performance on the price charts relative to its
fellow Magnificent 7 stocks, up nearly 26% for the year to date. And Wall Street
thinks the tech stock has even further to run. 

According to S&P Global Market Intelligence, the average analyst target price
for GOOGL stock is $202.50, representing implied upside of about 15% to current
levels. Additionally, the consensus recommendation is a Buy.

Financial services firm Jefferies is one of the more bullish outfits on GOOGL
stock with a Buy rating and $220 price target.

Alphabet's Q2 results were solid, but second-half comparisons do get tougher for
its advertising segments, says Jefferies analyst Brent Thill. While an
anticipated deceleration in Search and YouTube may be offset by the Paris
Olympics, the presidential election, and AI-enhanced return on ad spend (ROAS),
"we expect GOOGL can grind higher in the second half thanks to continued
strength in core Search, potential for Google Cloud to further accelerate on AI,
and additional margin surprises."

Jefferies' $220 price target represents implied upside of more than 25% to where
GOOGL shares are currently trading.


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Joey Solitro
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Contributor

Joey Solitro is a freelance financial journalist at Kiplinger with more than a
decade of experience. A longtime equity analyst, Joey has covered a range of
industries for media outlets including The Motley Fool, Seeking Alpha, Market
Realist, and TipRanks. Joey holds a bachelor's degree in business
administration. 



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