Alphabet stock opens higher

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Source: Dukascopy Bank SA


The stock price of Alphabet has started the day's New York trading with a gap up of 6.43% or $7.86.

The surge of the company's value was caused by the company reporting better than expected second-quarter profit. Profits were boosted by steady demand for cloud services and a recovery in advertising. Moreover, some analysts noted that the company has established itself as the leader in cloud services, which allows it to concentrate on expansion in AI.

Meanwhile, the company has announced that it would replace its long-time Chief Financial Officer Ruth Porat with a new head of finance.
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