Alphabet, Google's parent company, reported better-than-expected quarterly results, leading to a 7% increase in its shares. The growth was driven by the company's cloud-computing unit, which saw a 28% increase in revenue. However, Google's ad revenue only rose by 3.3%, reflecting a pullback in digital ad spending due to concerns about the economy. Other Bets, including Waymo and Verily, reported a 48% increase in revenue, but the division still incurred a loss of $813 million. Net income for the second quarter of 2022 was $18.37 billion, and Ruth Porat, the company's finance chief, will be leaving her role to become president and chief investment officer.

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