Google search ads lifted parent Alphabet Inc. close to Wall Street sales expectations Tuesday, sending shares up on relief that the world's biggest seller of online advertising may withstand a global recession better than smaller rivals.
A trio of Alphabet executives sounded caution on a call with investment analysts, using "uncertain" or "uncertainty" at least 13 times to describe the economy. YouTube ad sales grew at their slowest pace since disclosures began, in 2018.
But investors focused elsewhere, notably on the fact that second-quarter sales from the company's biggest moneymaker — Google search — actually topped expectations. Shares of Alphabet jumped 5.5% in after-hours trading following the results.