Why Alphabet Investors Should Be Excited About Google Cloud
The cloud market is competitive, but Google Cloud is quickly making a name for itself. With an array of top-notch services and a dedication to innovation, it's no wonder it is gaining momentum. This news is fantastic for investors of (NASDAQ: GOOGL) (NASDAQ: GOOG). Its cloud business is a substantial growth opportunity with limitless potential.
Investors have always known that Google Cloud had a massive upside, but until recently, there were a few lingering doubts about the unit's long-term viability against intense competition. The company's first and second-quarter results have erased some concerns about Alphabet's cloud ambitions.
Alphabet released its second-quarter 2023 earnings report on July 25, and the stock rose close to 6%, boosted by Google Cloud's record-breaking quarterly revenue of $8.03 billion, the first time the cloud segment has surpassed the $8 billion mark, which is a significant achievement for the company. Furthermore, this number exceeded StreetAccount's estimated $7.87 billion for the quarter.
Source Fool.com
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