Analysts bullish on Google’s Q2 results, Porat’s new role; Shares jump 7% By Investing.com

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<p>Investing.com &#8211; Alphabet (NASDAQ:) reported second quarter results that beat Wall Street estimates, driven by performance in its cloud business.</p>
<p>Alphabet stock gained 7% in pre-market Wednesday.</p>
<p>The Google parent earnings per share of $1.44 on revenue of $74.6 billion. Analysts polled by Investing.com anticipated EPS of $1.34 on revenue of $72.82B.The better-than-expected results were driven by advertising growth and stronger-than-expected growth in its cloud business.</p>
<p>The better-than-expected results were driven by advertising growth and stronger-than-expected growth in its cloud business.</p>
<p>Google Advertising climbed 3.2%, to $44.68B, with Google Search &amp; other rising 4.8% to $40.69B, YouTube adds up 4.4% to $7.67B, beating estimates of $7.43B.</p>
<p>Google Cloud was up 28%, to $8.03B, ahead of analyst estimates of $7.87B.</p>
<p>Traffic acquisition costs, or TAC, a major cost for Google, rose to $12.54B from $12.21B in the prior-year period.</p>
<p>The company also announced that chief financial officer Ruth Porat will assume the newly created role of President and Chief Investment Officer of Alphabet and Google from Sept. 1.</p>
<p>Ruth will be responsible for Alphabet’s investments in its other bets portfolio, the company added.</p>
<p>A number of Wall Street analysts increased their price targets on Alphabet stock after the Q2 EPS report.</p>
<p>Bernstein analyst Mark Shmulik highlighted the Search beat and a &#8220;solid progress&#8221; on the AI front.</p>
<p>&#8220;A clean quarter. Balanced risk/reward from here for a company steadily improving top-line while all-in on an expensive AI endeavor,&#8221; the analyst said.</p>
<p>Goldman Sachs (NYSE:) analyst Eric Sheridan hiked the price target by $12 to $152 per share on the Buy-rated GOOGL stock.</p>
<p>&#8220;While some questions remain around AI’s impact on core products or cost structure, we continue to see Alphabet as a leader that is well positioned to capitalize on a consumer/enterprise computing shift across multiple platforms/products.&#8221;</p>
<p>Additional reporting by Senad Karaahmetovic</p>
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