Alphabet profit beats expectations, CFO Porat to assume new role ...Middle East

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Alphabet profit beats expectations, CFO Porat to assume new role
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Alphabet's second-quarter profit exceeded Wall Street expectations on Tuesday and the Google parent announced that its long-time CFO, Ruth Porat, would assume a new role while the company sought a new finance chief. Alphabet's results were helped by steady demand for its cloud services and a rebound in advertising. The shares jumped 8% in after-hours trading. Shares of rival Microsoft were down slightly after it also reported results on Tuesday, while shares of Meta Platforms, a company also highly dependent on ad sales, rose as much as 2%.

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