Gene Munster Applauds Sundar Pichai's $100B Revenue Projection For Google Parent Alphabet: A Sign Of 'Entering A New Growth Phase'
Portfolio Pulse from Benzinga Neuro
Alphabet Inc. CEO Sundar Pichai projects YouTube and Cloud businesses to generate $100 billion by 2024, indicating a 25% growth rate over the next three quarters. This forecast follows Alphabet's Q1 earnings report showing a 15% year-over-year revenue increase to $80.539 billion and earnings of $1.89 per share, surpassing analyst estimates. Alphabet's stock rose significantly in after-hours trading following the announcement.
April 26, 2024 | 2:32 am
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POSITIVE IMPACT
Alphabet's Class C stock, GOOG, rose 11.43% in after-hours trading following Sundar Pichai's revenue projection announcement and a strong Q1 earnings report.
The positive reaction in after-hours trading to the revenue projection and Q1 earnings beat indicates investor confidence in Alphabet's growth trajectory and financial health, likely leading to a short-term uptick in GOOG's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Alphabet's Class A stock, GOOGL, rose 11.56% in after-hours trading following the announcement of Sundar Pichai's ambitious revenue targets and Alphabet's strong Q1 financial performance.
The significant rise in GOOGL stock price in after-hours trading is a direct response to the optimistic revenue forecast and better-than-expected Q1 earnings, suggesting a bullish outlook for Alphabet's Class A shares in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100