Earnings beat Google stock with a swing in favor of the bulls

Alphabet, Google’s parent company, has released its latest earnings report. This could continue to drive bullish traders toward equities, especially if macroeconomic conditions improve in favor of big tech companies.

Last year’s macro environment certainly affected big tech a lot, but while Google was able to weather the storm, it had to implement job cuts to cut costs. The report is a positive sign for the search engine company, which is boosting future profitability prospects after nearly two decades of growth.

As reported by CNBC, “Alphabets revenue increased 3% to $69.79 billion, from $68 billion a year earlier, according to an earnings report. After that, we’ve had several quarters of low-single-digit revenue growth.”

Additionally, Google’s cloud computing business appears to be bearing fruit. This is like a cloud computing arms race with other big tech rivals.

“Google is finally profitable in its cloud computing business competing with Amazon and Microsoft,” added the CNBC report. “The division posted an operating profit of $191 million in the fourth quarter after he lost $706 million a year ago.”

Income diversification

There are many economic unknowns ahead, and Google will need to diversify its income to weather the storm, especially if a recession hits. However, if inflation continues to subside and the Fed begins to unwind its rate hike policy, bullish investors could continue to ease throughout the year and into 2024.

For Google, that means continued success in its cloud computing business, advertising revenue, and even buying back shares to boost its stock price.

“We were impressed with the growth in Google Search advertising revenue. Continued strength in the cloud business, which is on track to become profitable next year. Consolidated profit margin expanded for the first time in three quarters. He said:

“Overall, we believe Alphabet is well positioned to benefit from an improving economic environment, which will accelerate advertising spending,” the report added. It will help us grow our margins from 2024. ”

Traders looking to maximize their profits by trading Google stock can look to Single Stock Exchange ETFs (ETFs) instead. In particular, the Direxion Daily GOOGL Bull 1.5X Shares (GGLL) offers leverage built into the fund, giving the trader his 150% exposure to the stock.

For more news, information and analysis, visit our Leveraged & Inverse Channels.

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