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Alphabet Stock Surges 10% on Back of Blowout Earnings

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The strong report led at least nine Wall Street firms to raise their price target on the stock.

Alphabet reported earnings per share of $30.69, compared to the $27.34 expected, according to Refinitiv. It also posted a large revenue beat, coming in at $75.33 billion compared to the $72.17 billion estimated.

The company relies heavily on Google's advertising revenue, which jumped in the quarter. Revenue for the segment came in at $61.24 billion for the quarter, up 33% from $46.2 billion in the same period a year earlier. "Very robust advertising revenue growth implies the overall demand environment has stayed healthy amidst volatile supply chain and macro uncertainties," MKM Managing Director Rohit Kulkarni said in a note to investors.

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