Coronavirus impact: 29 April - surging profits and depression era declines
One of the world’s largest companies issued impressive results but the outlook is significantly more challenging. There was also some financial guidance at last from a small diagnostic group whose Covid-19 tests are in strong demand. Our latest update reveals more winners and losers from the current crisis
Alphabet: fabulous quarter but..Google’s parent Alphabet Inc (US:GOOG), a constituent of our Ultimate Stocks portfolio, reported total revenue in the first quarter of $41.2bn, up 13% on the comparable period and ahead of consensus expectations of $40.8bn. Operating profit rose 21% to $8bn. Advertising revenue through its Search category rose 8.6% to $24.5bn while advertising revenue through YouTube rose 33% to $4bn as it attracted a growing number of viewers in lock-down. Google Cloud, a smaller but rapidly growing part of the group, saw revenue rise 52% to $2.8bn. The major impact of Covid-19 will clearly be felt in the second…