Google search ads lifted parent Alphabet Inc. close to Wall Street sales expectations Tuesday, sending shares up on relief that the world¡¯s biggest seller of online advertising may withstand a global recession better than smaller rivals.
A trio of Alphabet executives sounded caution on a call with investment analysts, using ¡°uncertain¡± or ¡°uncertainty¡± at least 13 times to describe the economy. YouTube ad sales grew at their slowest pace since disclosures began, in 2018.
But investors focused elsewhere, notably on the fact that second-quarter sales from the company¡¯s biggest moneymaker ¡ª Google search ¡ª actually topped expectations. Shares of Alphabet jumped 5.5% in after-hours trading following the results.
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