Alphabet beats all expectations
Plus, E.L.F Beauty reports its earnings and Google’s Stradia is shutting down
Hello there,
Shares of Alphabet (NASDAQ: GOOG), the parent company of Google, rose nearly 8% in extended trading on Tuesday after the company reported fourth-quarter earnings that surpassed analysts’ expectations. They reported revenue of $56.90 billion, vs. the $53.13 billion as expected by analysts. One of the standouts was Youtube which showed 47% advertising growth from last year. It also released operating income from its cloud business for the first time and the company lost $5.61 billion during the full year and $1.24 billion during Q4. Click here to read more.
E.L.F Beauty shows growth
Makeup and beauty brand, E.L.F. Beauty (NYSE: ELF), reported $88.6 million of revenue in the three-month period that ended Dec. 31. In an appearance on CNBC, CEO Tarang Amin said E.L.F. produced year-over-year revenue growth of 10%. E.L.F. has recorded more than $225 million in revenue in the first nine months of the 2021 fiscal year. Shares of E.L.F. climbed more than 1% on Wednesday but fell more than 5% in after-hours trading. Click here to read more.
Stradia is shutting down
Stradia, a cloud gaming service developed and operated by Alphabet’s Google (NASDAQ: GOOGL), has announced that they will be shutting down Stadia Games and Entertainment (SG&E), its internal game development service. "Creating best-in-class games from the ground up takes many years and significant investment, and the cost is going up exponentially," Harrison said. He added that the focus will now be on working with external developers and pursuing these new partnerships. Click here to read more.
What else are we reading?
General Motors (NYSE: GM) said it would cut production entirely at three of its factories in North America next week due to the global shortage of semiconductor chips. Click here to read more.
That’s it from us.
See you tomorrow.