Google-parent Alphabet (GOOGL) keeps crushing it says Jim Cramer, after the tech company kicked off a huge earnings week with an impressive report, boosting share price up nearly 5% to an all-time high on Tuesday morning.
Alphabet had results that exceeded analysts’ expectations, reporting an adjusted EPS of $11.75 per share compared to the expected $9.59. In terms of revenue, Alphabet had $32.7 billion this quarter versus the expected $32.17 billion.
The surge in share price following the release of earnings grew Alphabet’s market cap by nearly $48 billion to $875 billion, placing the company in a tight race against Apple and Amazon to become the world’s first $1 trillion company.
Related: Tech Earnings: Alphabet, Facebook, Amazon Report This Week
Former hedge fund manager Jim Cramer appeared on CNBC’s “Squawk on the Street” to share his outlook on the better-than-expected earnings report, attributing much of Alphabet’s success to its extensive platform of products and services, including Google Maps, Search, and Translate, and their usage by billions around the world.
“So, they [Alphabet] basically explain, ‘Look… we make a product that billions more people need than are currently using it’, and there’s not a lot of companies that can say that,” Cramer continued by stating that Alphabet is “crushing it” this quarter.
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