On July 23, Alphabet fell 3.19% in after-hours trading, trading at $331.97/share, with turnover of $1.203 billion.

On the news front, Alphabet reported Q2 financial results that significantly beat overall expectations: EPS came in at $9.11, far exceeding the consensus estimate of $2.90; revenue reached $119.8 billion, up 24% year-over-year, above the $116.8 billion expected. Google Cloud revenue surged 82% to $24.8 billion, well ahead of the $22.345 billion estimate, with backlog growing to $514 billion. However, its core search engine business sales came in slightly below Wall Street expectations, sparking concerns over growth momentum in its traditional advertising business during the AI transition period.

Additionally, Alphabet doubled Q2 capital expenditure to $44.9 billion, raised $49.6 billion through a combined equity and mandatory convertible preferred stock offering in June, and disclosed that Gemini applications reached 950 million monthly active users processing 22 billion API tokens per minute. CEO Pichai noted the company still faces supply constraints.

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