Alphabet’s longest-serving CFO Ruth Porat promoted, stock surges over 6% on earnings beat

Alphabet and Google’s Ruth Porat, the company’s longest-serving CFO, is taking on a new role overseeing the company’s “Other Bets” portfolio, which includes Access, Calico, CapitalG, GV, Nest, Verily, Waymo, and X, according to the company’s second-quarter earnings report that released Tuesday.

The company announced that Ruth Porat, CFO since 2015, will assume the newly created role of president and chief investment officer of Alphabet and Google, effective Sept. 1, 2023. It said she will continue “working closely with [CEO] Sundar [Pichai], and the company’s investments in countries and communities around the world.”

“I’m excited about this new role and the opportunity to engage with leaders globally to unlock economic growth via technology and investment,” Ruth said in the release. “I’m committed to Google’s continued growth and ensuring that our diverse global investments are supported with strong partnership to create opportunities for people and communities, everywhere.”

In the meantime, she will continue to serve as CFO, “leading the company’s 2024 and long-range capital planning processes, while the company searches for and selects her successor.”

The company beat expectations for the quarter with $74.6 billion in revenue, against estimates of $72.75 billion, and earnings of $1.44 per share against estimates of $1.32, according to Wall Street estimates, as compiled by Bloomberg. Ad and Google Cloud revenue also beat estimates, coming in at $58.14 billion versus $57.45 billion, and $8.03 billion versus $7.83 billion, respectively. Shares were up more than 6% in after-hours trading.

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