Alphabet shares surged after first-quarter results and upbeat executive comments showed the company’s cloud and YouTube businesses kept growing in the midst of the Covid-19 pandemic.
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Alphabet said in a regulatory filing that CEO Sundar Pichai was awarded $281-million (R5.4-billion) in compensation last year, making him one of the world’s highest-paid executives.
Google parent Alphabet is slowing hiring for the remainder of the year, the most drastic action by the Internet search giant since the Covid-19 pandemic began battering its advertising business.
That the US’s biggest companies are technology firms whose businesses stood up to lockdowns has been good news for its stock market. For the Nasdaq 100 Index, it’s been salvation.
If the US stock market is like a giant stone wall whose structural integrity depends entirely on the sturdiness of five tech megacaps, it didn’t act like it on Tuesday.
Alphabet reported quarterly revenue that missed analysts’ estimates on waning search advertising growth, while new sales numbers on YouTube also disappointed Wall Street.
Companies in the Nasdaq 100 are headed into earnings season with momentum that approaches the unprecedented, their value up by more than $1-trillion since October.
Alphabet CEO Sundar Pichai has left no doubt about how important he thinks artificial intelligence will be to humanity.
Alphabet shares rose 1.2% in pre-market trading on Thursday, following a flurry of positive analyst commentary on the Google parent’s 2020 prospects.
If you want to know how Alphabet’s new CEO, Sundar Pichai, will run the company you don’t need to look very far – he’s essentially been doing it for several years already.