Google shares jump 10 per cent on cloud technology, advertising and hopes for artificial intelligence

The share price of Alphabet, Google's parent holding company, jumped 10 per cent after the company released its second quarter 2023 earnings report.

Here's What We Know

For April-June 2023, the company's revenue rose 7% to $74.6bn from $69.7bn in the previous quarter.

Google's advertising revenue grew 3.3% year-on-year. However, this is already an improvement over the first quarter of 2023. Google's YouTube and Cloud divisions also saw revenue growth.

Search revenue, which makes up the majority of Google's advertising business, also grew steadily during the quarter. This has reassured investors who feared a shift in users from traditional search to chatbots like ChatGPT and Bing.

Source: CNBC