Alphabet's second-quarter profit exceeded Wall Street expectations on Tuesday and the Google parent announced that its long-time CFO Ruth Porat would assume a new role while the company sought a new finance chief.
Alphabet's results were helped by steady demand for its cloud services and a rebound in advertising. The shares jumped nearly 5 per cent in after market trading. Porat, hired in 2015, is one of Silicon Valley's most prominent female executives and oversaw tremendous growth at Alphabet. She will become chief investment officer and president starting Sept. 1.
Advertisers, who make up a big share of Alphabet's revenue, have pulled back on spending precious dollars on untested platforms, helping the Google parent as well as Facebook owner Meta Platforms. Google Cloud, which is among the biggest cloud service providers, is expected to benefit from growth driven by strong adoption of artificial intelligence tools. The company reported net profit of $1.44 per share for the April-June period, compared with estimates of $1.34 per share.
Revenue for the quarter stood at $74.6 billion, compared with estimates of $72.82 billion, according to Refinitiv data.
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