Why Alphabet Stock Rose Today
Shares of Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) climbed on Friday, even as the major stock indexes fell. As of 12:30 p.m. EDT, the tech-focused conglomerate's stock was up 4.6%, while the S&P 500 and Nasdaq were down 1.1% and 2%, respectively.
Alphabet's third-quarter revenue jumped 14% year over year to $46.2 billion, besting Wall Street's estimates of $42.9 billion. The tech titan's net income, meanwhile, surged 59% to $11.2 billion, or $16.40 per share. That, too, was well above analysts' expectations, which had called for earnings per share of $11.29.
Even as the markets declined, investors bid up Alphabet's shares following its Q3 results. Image source: Getty Images.
Source Fool.com
