Alphabet (GOOGL/GOOG) Q1 earnings beat as revenues jump 34%

Alphabet Inc. (NASDAQ: GOOGL, GOOG), the parent of internet search platform Google, reported a 34% growth in first-quarter revenues, mainly reflecting the continued strength of its search business. The results also topped the Street view.

First-quarter revenues climbed 34% annually to $55.3 billion. Revenue from Google, the largest segment, increased by 34%. Analysts were looking for a slower top-line growth.

The company said net income for the three-month period rose to $17.93 billion or $26.29 per share from $6.84 billion or $9.87 per share in the corresponding period of last year. Earnings also exceeded the consensus estimates.

Read management/analysts’ comments on Alphabet’s Q1 report

Alphabet’s stock set a new record this week. It closed Tuesday’s regular trading lower but bounced back in the after-hours, immediately after the earnings announcement.