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Alphabet Beats Earnings Estimates as Google Cloud Fuels Revenue and Margin Growth
Tech stocks in the US stock market are experiencing a strange phenomenon: exceeding expectations in performance is no longer impressive, investors want more.
1. For investors, the performance of large technology companies in the US stock market has exceeded expectations and can no longer satisfy them; 2. This week, technology companies have successively released quarterly financial reports, with most exceeding revenue and profit expectations, yet the market response has been brutal; 3. Some opinions believe that the dismal stock prices are due to overly high market expectations, while others claim it is a technical profit-taking pullback.
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Morgan Stanley Rating | CMB International: Maintains a 'buy' rating on Google, the third-quarter cloud business maintains strong momentum.
CMB International's research report stated that Alphabet's total revenue in the third quarter of this year increased by 15% year-on-year, basically in line with market expectations; net income increased by 34% year-on-year, 15% higher than market expectations, mainly due to effective management of employees and equipment. Considering the solid efficiency improvement supported by Google Cloud and the group level, the bank has raised Alphabet's profit forecast for the fiscal years 2024 to 2026 by between 6% and 8%, and has maintained its target price at $218, reiterating a "buy" rating. CMB International also expects Alphabet's operational profit margin to
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