Breakfast News: Week in Review
Alphabet burned cash again, Meta’s chip suppliers bought its stock, DoorDash is buying Instacart, and more…
Alphabet's Google Cloud generated $30.7 billion in revenue for the last quarter, surpassing Wall Street's expectations of $28.7 billion, but Alphabet shares still dropped more than 10% in early trading. Google Cloud's backlog of signed contracts exceeds half a trillion dollars, and the company remains a strong performer in the tech industry.
Meanwhile, Meta Platforms is experiencing a free cash flow turn, filing for about $35 billion in stock sales to fund its AI build-out. Meanwhile, DoorDash agreed to acquire Instacart for $65 a share, which could result in significant gains for both companies. Lastly, Fortinet's stock fell more than 25% in pre-market trading, with management halting stock buybacks and authorizing a fresh $1.2 billion purchase, despite strong revenue growth in the previous quarter.
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