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Alphabet, Inc. (GOOGL) reported adjusted earnings per share of $2.31, exceeding the $2.18 forecast, with revenue of $96.43 billion surpassing expectations of $94 billion. The results, shared after market close on Wednesday, also highlighted a 14% year-over-year revenue increase driven by segments like YouTube, which generated $9.8 billion, and Google Cloud at $13.62 billion, a 32% rise. Notably, Alphabet plans to increase its AI spending to $85 billion, up from $75 billion, as it seeks to enhance its competitive edge in the AI market.
Tesla, Inc. (TSLA) posted adjusted earnings per share of $0.40, meeting expectations, yet reported a 12% drop in year-over-year revenue to $22.5 billion, falling short of the $22.64 billion forecast. Vehicle deliveries decreased 14% year-over-year to 384,000 units, with auto revenue declining by 16%. CEO Elon Musk indicated that changes in regulatory EV tax credits may lead to “a few rough quarters” ahead, contributing to an 8% drop in Tesla’s stock following the earnings announcement.
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