New York CNN —Alphabet, the parent company of Google, bounced back from an absolutely dreadful day for tech shares, as its stock surged Thursday after the closing bell.
Revenue from the quarter reached more than $80.5 billion, up 15% from the same period in the prior year and ahead of the $78.75 billion analysts had projected, according to FactSet estimates.
Meta shares sank on Thursday after the company raised its annual expense forecast to fund its AI ambitions, despite better-than-expected earnings results Wednesday.
But in addition to Google, multiple positive tech earnings reports on Thursday helped reverse what had been a sluggish day for tech stocks.
Snap resultsSocial media company Snap, the parent company of social media platform Snapchat, also saw its stock climb after-hours on the heels of a rosy first-quarter earnings report that beat Wall Street’s estimates.
Persons:
Sundar Pichai, ” Pichai, CNN’s Catherine Thorbecke
Organizations:
New, New York CNN, Google, Wall, Revenue
Locations:
New York