Google Rises Most in Almost Two Years After Blowout Results
- Revenue from cloud computing unit rises more than projected
- Company declares 20-for-1 stock split to lure retail traders
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Alphabet Inc. jumped the most in almost two years to a record high after the Google parent posted fourth-quarter results that showed the resilience of its advertising business in the face of economic upheaval.
Sales, excluding partner payouts, rose 33% to $61.9 billion, compared with the $59.4 billion average analyst estimate. Google’s advertising revenue also grew by 33% during the holiday quarter, despite the disruptions to its biggest categories, travel and retail, from the spread of the omicron Covid-19 variant and supply chain crunches. The company also declared a 20-for-1 stock split.