Larry Page, the co-founder of Alphabet Inc., Google’s parent company, has seen a major rise in his net worth, gaining a whopping $5.4 billion.
As of the time of writing, Larry Page’s total net worth stands at an impressive $109 billion.
This surge in wealth has catapulted him to the 12th position on Forbes’ list of the richest billionaires.
The primary source of Larry Page’s gains is his status as a controlling shareholder of Alphabet Inc.
The company’s share price experienced a substantial increase of 5.94 per cent, reaching $129.46 from its previous closing price of $122.
The boost in share price came following the impressive second-quarter earnings report released by Alphabet after the market close.
The strong financial performance beat analysts’ expectations on both revenue and earnings, driving the stock up by as much as 6 per cent in after-hours trading.
The reported revenue for the quarter was $74.6 billion, surpassing expectations of $72.75 billion, and the earnings per share stood at $1.44, exceeding the projected $1.32 by analysts.
Google’s ad revenues performed exceptionally well, totalling $58.14 billion for the quarter, surpassing the estimated $57.5 billion and the $56.3 billion reported in the same period last year.
YouTube’s ad revenues also outperformed expectations, reaching $7.66 billion compared to the forecasted $7.41 billion.
Furthermore, Alphabet’s Google Cloud business reported a profit for the second quarter in a row, with revenues totaling $8 billion and a segment income of $395 million.
This performance marked a significant improvement compared to the $590 million loss reported for the same quarter in the previous year.