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- Two Tech Stocks to Buy and Hold: Google
Two Tech Stocks to Buy and Hold: Google
Google-parent Alphabet (GOOGL) is still a buy, judging by the solid size of its nearly 6.75% price hike on July 25. Its second-quarter adjusted earnings were 7.5% better than consensus at $1.44 per share, an all-time record for the stock, also beating revenue forecasts by 2.44%, which is a 7% up YoY. Google cloud business sales climbed by a whopping 28% to exceed $8 billion for the first time ever, being an eloquent argument to refresh a 15-month high on Alphabet share prices.
Shares are testing of $130+ area, compared to $122.21 before the news, as the investing crowd may quickly dip up Google's $151.55 peaking price of February 2022 from its short-term memory. Alphabet is now about 48% year-to-date, against less than 20% of current surplus for the S&P 500 broad market barometer of Wall Street.
The cloud division said its operating income was $395 million vs $590 million of loss a year ago. YouTube ads contributed $7.67 billion, as the video platform is keeping its financial standards high despite severe competition from Tik Tok. Even Google-owned Waymo self-driving car business and Verily life sciences unit got a 48% increase in money inflows, although they still eating more than generating with spending at $813 million for the quarter.
A pullback in digital adы spending by various businesses, which are representing Google's regular customers' base, does not prevent the internet behemoth from keeping the pace of at least single-digit profits during the four quarters in a row. The launch of Google's AI-based Bard chatbot, which is already working in over 40 languages, may help to generate even higher financial results very soon.
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