Alphabet reports better-than-expected quarterly results driven by growth in cloud

The company said Ruth Porat is leaving the CFO role to become president and chief investment officer.Sundar Pichai, CEO, Alphabet Inc., during the Google I/O developers conference in Mountain View, California, May 10, 2023.shares rose more than 6% in extended trading on Tuesday after the company reported better-than-expected revenue and profit, driven by growth in its cloud-computing unit.$74.6 billion vs. $72.82 billion expected by Refinitiv.$7.67 billion vs. $7.

For the fourth straight quarter, Google's parent company reported growth in the single digits as it reckons with a pullback in digital ad spending that reflects concerns about the economy. Analysts don't expect growth to hit double digits again until the fourth quarter. Google's ad revenue came in at $58.14 billion, up from $56.29 billion last year. YouTube ads came in above analyst expectations at $7.67 billion, up from $7.34 billion the year before.Separately, Alphabet said in the release that Ruth Porat, the company's finance chief, will be leaving that role after eight years to assume the newly created poisition of president and chief investment officer.

The company's Other Bet's, which includes life sciences unit Verily and self-driving car unit Waymo, brought in $285 million in revenue, up from $193 the year prior.

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