- by foxnews
- 07 Nov 2024
Alphabet stocks rose in after-hours trading on Tuesday after the tech firm beat analyst expectations for first-quarter earnings, marking an unexpectedly bright spot in the otherwise struggling tech sector.
The company reported first-quarter revenue of $69.8bn, up 3% year-over-year and above analyst predictions of $68.9bn. Its cloud business reported a profit for the first time since its launch, taking in $191m.
While in previous earnings reports Alphabet fared better than some of its peers such as Meta and Twitter, it had stumbled in recent months, announcing in August it would freeze hiring. In January it cut more than 12,000 jobs, or 6% of its global workforce and a leaked internal memo in March revealed Alphabet would be cutting back on some employee perks in an effort to save money.
YouTube ad revenue was down 2.6% in the quarter, but at $6.69bn still beat the $6.64bn expected by analysts.
The rare beat comes as the tech sector continues to hobble through a downturn. All eyes will be on ongoing earnings reports, with Meta set to release its own on Wednesday and Apple reporting on Thursday.
The Cloudbreak Music Festival is back for its third year, beginning November 7 and running through November 27, with Seattle’s hotels offering a musical treat to their guests. The festival has grown substantially since its inception in 2021, featuring over 200 artists performing at 34 different venues. The festivities kick off tonight at The Crocodile with performances by Naked Giants and La Fonda starting at 7:00 p.m., with doors opening an hour earlier.
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