Alphabet Gained Value Ahead of The Market

Alphabet gained value ahead of the market on July 28. Alphabet (NASDAQ:GOOGL) was up 4% on Wednesday.

Alphabet (NASDAQ:GOOGL) experienced record second-quarter revenue and profits, driven by heavy customer spending and more purchases on its platforms. YouTube and Google were used more for content and shopping and attracted the attention of major advertisers. The company's total revenue increased by 62% and reached $61.88 billion, far exceeding analysts' estimate of $56.19 billion. The company's net income increased more than two-and-a-half times to $18.52 billion. In the second quarter, ending June 30, Google's ad revenue grew nearly 70% to $50.44 billion. YouTube's ad revenue also increased by 84% compared to the same quarter of the previous year and reached $7 billion. Netflix (NASDAQ:NFLX), the biggest name in the publishing world, generated $7.34 billion in revenue in the second quarter. The Google Cloud business, in which the company competes with other companies like Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT), also experienced a revenue growth of more than 50%, growing from $3 billion to $4.62 billion.