Home > Alphabet shares soar 10% after earnings, Amazon reports today- stock market update

Alphabet shares soar 10% after earnings, Amazon reports today- stock market update

  • Google-parent Alphabet Inc.'s shares have spiked 10% in premarket after Q4 earnings

  • US futures up, European stocks higher on Wednesday as investors eye economic data and further earnings from Amazon, ICE and Activision among others

  • Oil slips, gold steady and Bitcoin flat

US stock held onto minor gains on Tuesday to record a second consecutive day in the green. The S&P 500 closed 0.7% higher, while both the Nasdaq Composite and the Dow Jones Industrial Average ended 0.8% up.

US futures were higher on Wednesday morning, with markets braced for economic data on private payroll. Earlier in the day, data out of Europe showed eurozone inflation rose 5% in December to see consumer prices 5.1% in the past year.

In Europe, stocks were higher on Wednesday morning, with the pan-European Stoxx 600 up 0.6% and UK’s FTSE 100 adding 0.8%. Germany’s DAX and France’s CAC 40 were also up by 0.4% as gains across the continent mirrored Tuesday’s gains on Wall Street.

In Asia, Japan’s Nikkei rose 1.7% as markets in China, South Korea and Hong Kong among others remained closed for Lunar Year holidays.

Alphabet earnings

On Tuesday, shares of Google parent Alphabet surged more than 10% after the company’s earnings beat expectations, rising to highs of $3,043 in premarket trading on Wednesday.

The tech conglomerate’s quarterly revenue rose 32% to $75.33 billion, compared to an estimated $71.17 billion year over year. Earnings per share also beat estimates, coming in at $30.69 versus $27.34 expected.

Alphabet’s full fiscal year 2021 revenue was $257 billion, an impressive 41% jump on revenue in 2020.

Alphabet also announced a stock split of 20-for-1, with the split set for the company’s three share offerings (Class A, Class B, and Class C).

Earnings season continues, with major earnings across Europe and the US this week. Amazon, InterContinetalExchange Group and Activision Blizzard Inc. highlight US earnings on Wednesday.

Austria’s Ocado, Denmark's Novo Nordisk and Sweden's Hexagon reported better than expected results to see the European earnings season get in the upbeat outlook depicted on Wall Street.

Markets update

Elsewhere, oil prices have taken a knock to hover around $88.13 per barrel and Treasury yields are falling with the 10-year US Treasury yield slipping to 1.779%.

Gold is holding above $1,804 per ounce as the dollar index struggles against a basket of its peers.

Bitcoin is flat at around $38,680, with weekly gains at 4.6%.

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