Alphabet Investor Updates

Overview

Alphabet Inc. recently announced its financial results for the second quarter of 2024 and appointed a new Chief Financial Officer.

Financial Results

• Revenue increased by 15% year-over-year to $75.3 billion.
• Net income increased by 11% year-over-year to $17.0 billion.
• Earnings per share increased by 10% year-over-year to $1.35.

New Chief Financial Officer

Alphabet has appointed Ruth Porat as its new Chief Financial Officer, effective August 1, 2024. Porat previously served as Senior Vice President and Chief Financial Officer of Google.

Stock Performance

Alphabet's stock (GOOGL) has outperformed the broader market in recent months.

• Year-to-date, GOOGL is up 15%, while the S&P 500 is up 8%.
• Over the past year, GOOGL is up 30%, while the S&P 500 is up 15%.

Analyst Commentary

Analysts have generally been positive on Alphabet's recent results and the appointment of Ruth Porat.

• Morgan Stanley analyst Brian Nowak reiterated his "Overweight" rating on GOOGL, with a target price of $1,400.
• Goldman Sachs analyst Eric Sheridan maintained his "Buy" rating on GOOGL, with a target price of $1,250.

Conclusion

Alphabet's strong financial performance and the appointment of a new CFO are positive developments for the company. Investors should continue to monitor Alphabet's progress and consider the company's long-term growth potential.