Google Stock (GOOG) Hits All-Time High as AI Growth Lift Q1 Earnings
Alphabets Google (GOOG) stock is trading at $369, up 6% at press time after climbing to a new all-time high today after the Google parent reported first-quarter earnings that beat Wall Street expectations and showed stronger demand across cloud computing, search advertising, and artificial intelligence products. Shares of Alphabet‘s Class C stock reached an intraday record of $374.22, above the previous closing high of about $350.34 set earlier in the week. The move pushed Alphabet’s market value to about $4.4 trillion, more than double its level from a year ago. The rally followed a first-quarter report that showed revenue rising 22% year over year to $109.9 billion. Net income reached $62.58 billion, or $5.11 per share, compared with analyst expectations near $2.62 per share. The profit figure included a large gain from non-marketable equity securities, but operating results also improved, with operating income reaching $39.7 billion. Google Cloud Leads Alphabets Earnings Beat Google Cloud was the strongest driver of Alphabets quarter. Revenue in the division rose 63% year over year to $20.03 billion, well above market expectations near $15.3 billion. The growth was tied to enterprise demand for AI infrastructure, cloud services, and Google‘s generative AI tools. Alphabet said Google Cloud’s contracted backlog reached about