Results from Alphabet and Snap lift shares of online ad sellers

October 30, 2024

Online ad sellers gained over $100 billion in stock market value following strong quarterly results from Alphabet, Reddit, and Snap. Alphabet’s stock rose 4% due to robust digital advertising and AI-driven cloud service demand. Meta and Amazon also saw stock increases, while Snap jumped 7% due to exceeding revenue and user growth expectations. Reddit surged 20% after forecasting higher-than-expected revenue.

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The Reserve Bank of India has lifted all restrictions on banks opening and maintaining cash credit accounts, offering greater flexibility for short-term working capital loans.

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