Alphabet shares fall after Q2 report despite cloud growth
Google Cloud revenue rose 82% in the second quarter, and the company's backlog reached $514 billion, though investors are now watching the third quarter.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Alphabet's stock slipped after its second-quarter earnings. Google Cloud revenue grew 82% in Q2, its backlog hit $514 billion, and operating income rose 30%. Despite higher capital spending and negative free cash flow, analysts remain positive about the company.
Why it matters
Investors are looking for evidence that Alphabet's AI spending is paying off, and the company has a lot to prove in this phase.
Timeline
- Oct 18, 8:00 PM ET: Google Cloud revenue grew 82% in Q2, the company's backlog hit $514 billion, and operating income rose 30%.
- Oct 19, 6:23 PM ET: Alphabet's stock slipped after its Q2 earnings, and investors turned their attention to what the third quarter will show.
Coverage
- Wall Street Is Losing Patience with AI Spending, and Alphabet Faces a Key Test (Author: Amy Liu)
- Alphabet Stock Slipped After Q2 Earnings. Here's What Investors Need to See in Q3. (fool.com)
- Prediction: One Major Catalyst Could Send Alphabet Stock to New Highs (247wallst.com)
- Alphabet Looks Better By The Day for This One AI Strategy (247wallst.com)
- Google Cloud's rapid growth could push Alphabet stock 25% higher to new highs within a year. (24/7 Wall Street)
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