's (NASDAQ: GOOGL) (NASDAQ: GOOG) latest financial results (for Q2 2023 ended June 30) easily crushed Wall Street consensus estimates. The business reported revenue of $74.6 billion (up 7% year over year) and diluted earnings per share of $1.44 (up 19%). 

That strong fundamental performance helps explain why the stock is up 47% this year. But there could be more gains ahead. As August comes to a close, investors should be buying this top FAANG stock hand over first. Here are three reasons why. 

As is the case with many of its FAANG peers, Alphabet is on strong financial footing right now. As of June 30, the company had $118 billion of cash, cash equivalents, and marketable securities on its balance sheet, with under $14 billion of long-term debt. Most businesses dream about having a massive net cash position like that. 

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Source Fool.com