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Alphabet Shares Rising Today

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Alphabet ($GOOGL@US) is trading higher this morning after the company reported its fourth-quarter financial results and announced a stock split. Alphabet reported quarterly earnings of more than $30 per share and quarterly revenue of more than $75 billion, beating estimates on both accounts. The company credits its investment in AI technologies, strong growth in its advertising business, and record sales of its Pixel phone. Search revenue totaled more than $43 billion, YouTube ads brought in $8.6 billion and Google Cloud revenue reached $5.5 billion in the quarter. Alphabet also declared a 20-for-1 stock split in the form of a one-time special stock dividend for each of the company’s Class A, Class B, and Class C shares. Stockholders of record at the close of business on July 1 will receive 19 additional shares after the close of business on July 15. Alphabet is making new 52-week highs today. The stock was up 11% at more than $3,000 this morning.

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