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Alphabet earnings push stock up 6%, CFO Porat to become president, chief investment officer

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Google parent Alphabet’s stock jumped 6% in after-hours trading after $GOOGL beat estimates on the top and bottom line, and announced the transition of Chief Financial Officer Ruth Porat to president and chief investment officer in September.

Google parent Alphabet Inc.’s stock jumped more than 6% in after-hours trading Tuesday after the company beat estimates on the top and bottom line, and announced the transition of Chief Financial Officer Ruth Porat to president and chief investment officer in September.

Total revenue was $74.6 billion, compared with $69.7 billion a year ago. Sales minus traffic-acquisition cost was $62.06 billion, vs. $57.5 billion last year. “There’s exciting momentum across our products and the company, which drove strong results this quarter,” Alphabet Chief Executive Sundar Pichai said in a statement. “Our continued leadership in AI and our excellence in engineeringShares of Alphabet have advanced 39% so far this year largely on the strength of generative AI and its potential. The broader S&P 500 index SPX, +0.28% is up 19%. Alphabet’s stock inched up 0.6% to $122.21 in the regular session Tuesday.

Porat, who has played an essential role in Google’s advertising success since she became CFO in 2015, will start her new role on Sept. 1. She will be responsible for Alphabet’s investments in its Other Bets portfolio, and the company’s investments in countries and communities around the world. Porat will continue to report to Pichai.

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