**Ruth Porat Assumes New Role as President and Chief Investment Officer of Alphabet and Google**
Alphabet and Google’s longest-serving CFO, Ruth Porat, is embarking on a new venture within the company. According to the second-quarter earnings report released on Tuesday, Porat will oversee Alphabet’s “Other Bets” portfolio, which includes Access, Calico, CapitalG, GV, Nest, Verily, Waymo, and X.
**Ruth Porat Takes On New Responsibilities**
Effective September 1, 2023, Ruth Porat, who has served as CFO since 2015, will transition into the role of “President and Chief Investment Officer of Alphabet and Google.” The company also stated that she will continue working closely with CEO Sundar Pichai and remain involved in the company’s investments globally.
In a press release, Porat expressed her excitement about the new role and the opportunity it presents to drive economic growth through technology and investment. She emphasized her commitment to Google’s continued expansion and ensuring that their diverse global investments are supported by strong partnerships, creating opportunities for people and communities worldwide.
While assuming her new responsibilities, Porat will continue to serve as CFO. She will lead the company’s capital planning processes for 2024 and beyond until a successor is appointed.
**Strong Second-Quarter Performance**
Alphabet surpassed expectations for the quarter, reporting $74.6 billion in revenue, exceeding estimates of $72.75 billion. Earnings per share were $1.44, surpassing estimates of $1.32, according to Wall Street estimates compiled by Bloomberg. Google’s advertising revenue and Google Cloud revenue also outperformed predictions, with $58.14 billion and $8.03 billion, respectively, compared to estimates of $57.45 billion and $7.83 billion. As a result, the company’s shares rose by more than 6% in after-hours trading.
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