Results from Alphabet and Snap lift shares of online ad sellers
Oct 29 (Reuters) -Online ad sellers added over $100 billion stock market value late on Tuesday after upbeat quarterly results from Alphabet GOOGL.O, Reddit RDDT.N and Snap SNAP.N lifted investor optimism ahead of reports from Amazon AMZN.O and Meta Platforms META.O.
Alphabet's stock rallied 4% in extended trade after it topped quarterly revenue expectations, helped by steady growth in its digital advertising business and an AI-driven jump in demand for its cloud services.
Meta Platforms and Amazon, both rivals of Alphabet in advertising and AI, each gained over 1% following the Google owner's report. Meta provides its results on Wednesday and Amazon reports on Thursday.
Snap SNAP.N, a smaller player in online ads, beat Wall Street expectations for both quarterly revenue and user growth, sending its stock 7% higher. Struggling with competition from TikTok and other heavyweight rivals, Snap's stock has tumbled over 30% in 2024.
Reddit RDDT.N surged 20% in extended trade after forecasting quarterly revenue above Wall Street estimates, helped by its AI content licensing deals. That stoked optimism that more advertisers are turning to the platform following its Wall Street debut in March.
Reporting by Noel Randewich; Editing by Cynthia Osterman
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