Alphabet answered Wall Street's call and reported its best earnings since 2009.
Google's parent company earned $26 million in ad revenue in the first quarter, up from $21 million this time last year. It also revealed a $3 billion stake in the ride-hailing company Uber, in addition to other investments.
Alphabet was the first major tech company to report earnings since mounting concern over data privacy reached a peak after Facebook's Cambridge Analytica scandal.
In a call with investors on Monday, the Google CEO Sundar Pichai said that potential new privacy regulations won't impact the company because it requires "very limited information" from its users to be able to generate revenue from its ad business.
"There is a lot of sound and fury without much actually happening that's going to change the earnings power of these companies and the valuation" said Jason Ware, the chief investment officer and chief economist at Albion Financial Group.
But it's not all sunshine and rainbows for Alphabet. The stock was down more than 2 percent on Tuesday morning, signaling that investors may be cooling on their beloved FAANG stocks (Facebook, Amazon, Apple, Netflix, and Google).
Scott Kessler, the director of equity research and an analyst at CFRA, said investors should remember that Google has $100 billion in cash at its disposal. The company may give out buy-backs, or use it to make key investments, said Kessler.
Alphabet reported revenue of more than $31 billion and earnings per share of $13.33. Its "other bets" category saw revenue of $150 million.
For full interview, [click here](https://cheddar.com/videos/alphabet-answers-wall-streets-call).
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
The nation’s employers added a robust 216,000 jobs last month, the latest sign that the American job market remains resilient even in the face of sharply higher interest rates.
A U.S. labor agency has accused SpaceX of unlawfully firing employees who penned an open letter critical of CEO Elon Musk and creating an impression that worker activities were under surveillance by the rocket ship company.
