Alphabet Inc. (GOOG) Stock: Recent Performance, Earnings, and Quantum Computing Advances

As of October 28, 2024, Alphabet Inc.’s Class C stock (GOOG) is trading at $166.99, marking a 1.50% increase from the previous day. This uptick reflects the company’s strong market position and recent financial performance.

In the second quarter of 2024, Alphabet reported earnings per share (EPS) of $1.89, surpassing analyst estimates of $1.85 by 2.16%. This positive earnings report has contributed to the stock’s recent gains. The company is set to release its next earnings on October 29, 2024, with an estimated EPS of $1.84.

Alphabet is also making significant strides in the field of quantum computing. The company’s Quantum AI division has been at the forefront of this technology, achieving quantum supremacy with its Sycamore system in 2019. Despite the challenges in scaling and reducing error rates, Alphabet’s financial robustness gives it a competitive edge in this capital-intensive field.

The quantum computing market, while still in its nascent stages, is projected to grow significantly. Estimates suggest the market could be valued between $45 billion and $131 billion by 2040, with the U.S. expected to account for a substantial share. However, current challenges include high error rates and the need for significant investment, which has led to a decline in venture capital funding for quantum startups in 2023.

Investors should also note the difference between Alphabet’s Class A (GOOGL) and Class C (GOOG) shares. Class A shares come with voting rights, while Class C shares do not. This distinction was introduced during the 2014 stock split to allow the company to raise capital without diluting the voting power of its founders and key insiders.

Overall, Alphabet’s strong financial performance, coupled with its innovative advancements in quantum computing, positions the company as a leader in the tech industry.