Shares of Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) jumped in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $1.17, which appeared to beat analysts’ consensus estimate of $1.08 per share. Revenue ultimately hit $69.79 billion. This beat analysts’ expectations of $68.9 billion.
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Alphabet’s segment data, meanwhile, came back somewhat mixed. YouTube’s advertising revenue proved better than expected, coming in at $6.69 billion against projections calling for $6.6 billion. On the other hand, Google Cloud revenue faltered, as it came in at $7.45 billion against $7.49 billion projected. Meanwhile, traffic acquisition costs were slightly down, coming in at $11.72 billion against a projected $11.78 billion. Alphabet also authorized a share buyback plan backed by $70 billion.
Overall, Wall Street has a consensus price target of $122.33 on Alphabet stock, implying 16.4% upside potential, as indicated by the graphic above.