“When a technology company gets to the size Google has it is crucial it keeps a close eye on its corporate governance,” he continued. “Alphabet has meant Google has become a lot more open and started to disclose what resources are going into which projects. It means that investors can really see what they are actually buying and that makes it more attractive. It’s fine that they have their various ‘moonshot’ projects but it is important we can see they are not letting them take over the core business,” Grant added.
Another of the FANG stocks, Amazon, reported net income of $857m, comfortably beating analyst expectations of $540m. This is the third consecutive quarter of record profits for the online retailer.
Earlier this week fellow FANG Facebook also reported strong numbers with revenue up 59% to $6.44bn compared with estimates of $6.02bn, sending its shares 6.7% up.
