Alphabet Stock Holds Steady Amid Record Revenue Growth

Alphabet's stock price held at $345.90 premarket Monday, down just 0.13% from its previous close.

This is despite a strong second-quarter revenue report that saw Alphabet reach $119.8 billion in sales, up 24% year over year.

The growth was led by Google Cloud, which surged 82% to $24.8 billion and now accounts for 20.7% of Alphabet's total revenue.

However, the company's capital expenditure reached $44.9 billion, resulting in negative free cash flow, which has left investors concerned about the stock's valuation.