Microsoft overthrows Apple: it is the most valuable company in the world
Google’s parent company closes 2023 with $85.33 billion. The Redmond giant stands at 62 billion
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Cloud and artificial intelligence are driving Alphabet and Microsoft’s revenues above Wall Street’s expectations. Google’s parent company Alphabet’s fourth-quarter revenue jumped thanks to increased ad spending and growing demand for cloud services from companies attracted by its artificial intelligence tools. Revenue for the quarter ended Dec. 31 came in at $86.31 billion, compared to estimates of $85.33 billion, according to LSEG data. The better-than-expected results are not enough on Wall Street, where stocks lose more than 3%.
Microsoft also beat Wall Street estimates, thanks to new artificial intelligence features that helped attract customers to its cloud and Windows services. Revenue grew 18% to $62 billion in the quarter ended Dec. 31, compared to analysts’ average estimate of $61.12 billion, according to LSEG. Net profit rose 33% to 21.9 billion. Microsoft Cloud revenues came in better than expected at $33.7 billion. Despite the results, Microsoft shares lost 1.01% on Wall Street in after-hours trading.
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