Alphabet Inc. reported first-quarter earnings that surpassed expectations, lifting its stock by over 4%. The company earned $2.81 per share, exceeding Wall Street's forecast of $2.01. With a revenue increase of 12% to $90.32 billion, profits soared by 46% to $34.54 billion, partly due to over $8 billion in unrealized gains. Google Cloud revenues grew 28% to $12.26 billion, and margins improved dramatically to 17.8%. CEO Sundar Pichai highlighted key advancements with AI and a forthcoming $32 billion acquisition of Wiz Inc. to bolster security offerings.
"In March, the company announced it will pay $32 billion to acquire the Israeli cloud security company Wiz Inc., in what will be its biggest-ever acquisition when the deal closes next year."
"The Google Cloud business once again demonstrated strong growth, with revenue rising 28% from a year earlier to $12.26 billion."
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