‘Put it in the Louvre:’ Tech Bull Praises Google’s Parent Company’s ‘Most Successful Neighborhood’ Says It’s ‘Now Celebrating’ – Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL)

Dan Ives of Wedbush accumulated praise Googlethe parent Alphabet Inc GOOG GOOGLE after the company beat revenue and earnings per share (EPS) estimates in its March 2024 quarterly results.

What happened: Ives expressed his admiration for Google following the company’s first-quarter earnings, where it declared its first-ever dividend.

In an interview with CNBC, Ives described the findings as “a quarter that they should frame and put in the Louvre,” adding that he sees nothing negative in the report.

He also highlighted positive implications for near-term growth and margin, as well as management’s comments on research generative experience (SGE) that should ease long-term investor concerns.

See also: ‘Another Picasso-like performance:’ Top tech analyst praises Satya Nadella, says Microsoft is top ‘AI draft pick’ with 20% boost in store

He concluded by pointing out that the AI ​​and cloud story is now unfolding and raised his price target for Google from $175 to $205.

Sign up to Benzinga’s Tech Trends Newsletter to receive all the latest technological developments directly to your inbox.

Because matter: Alphabet reported revenue increased 15% year-over-year to $80.539 billion, beating the consensus estimate of $78.594 billion. The company also reported quarterly earnings per share of $1.89, beating analysts’ estimates of $1.51.

During the company’s first-quarter earnings call, CEO Sundar Pichai expressed satisfaction with the company’s development Gemini AI, despite the recent controversies. He highlighted the significant progress made in the development of Gemini artificial intelligence and other models.

Pichai also addressed changes in user behavior and the potential impact on the new search experience given the integration of generative responses during the first quarter earnings call, expressing confidence in the company’s ability to manage these challenges.

Gene Munster of Deepwater Asset Management applauded Google’s revenue projection of $100 billion, he says, is a sign that the company is “entering a new phase of growth.”

Price Action: According to Benzinga Pro, Alphabet Inc. shares rose 11.80% in premarket trading on Friday, after closing at $157.95 the previous day.

See more of Benzinga’s Consumer Tech coverage from by following this link.

Read next: Mark Zuckerberg says ‘tens of millions’ of users have already tried meta AI and people are ‘asking us to release it… wherever they are’

Disclaimer: This content was partially produced with help from Benzinga Neuro and has been reviewed and published by Benzinga editors.

Photo courtesy: World Economic Forum on Flickr

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *