Google parent Alphabet (GOOG) - Get Alphabet Inc. Report was rising in after-market trading Tuesday after the search, advertising and cloud-technology giant beat Wall Street's first-quarter earnings expectations by a wide margin.
Shares of the Mountain View, Calif. were up 4.6% to $2,397 in after-hours trading.
Alphabet reported earnings of $17.93 billion, or $26.29 a share, compared with earnings of $6.84 billion, or $9.87 a share, a year ago. Revenue totaled $55.31 billion up from $44.16 billion a year ago.
Analysts surveyed by FactSet were expecting earnings of $15.81 a share on revenue of $51.50 billion.
The company said the increases in revenue were driven by elevated consumer activity online and broad-based growth in advertiser revenue.
Google Cloud revenue came to $4.05 billion, compared with $2.8 billion a year ago.
"We’re very pleased with the ongoing momentum in Google Cloud, with revenues of $4 billion in the quarter reflecting strength and opportunity in both GCP and Workspace," Ruth Porat, chief financial officer, said in a statement.
Services revenue came to $51.2 billion, up from $38.2 billion a year ago. Other bets generated $198 million in revenue, up from $135 million a year ago.
YouTube ads posted $6.01 billion in revenue, compared with $4.04 revenue in the year ago quarter.
“Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained," CEO Sundar Pichai said in a statement. "We’ve continued our focus on delivering trusted services to help people around the world. Our Cloud services are helping businesses, big and small, accelerate their digital transformations."
On Friday, Alphabet's board authorized the company to repurchase up to an additional $50 billion of its Class C capital stock.
Earlier this month, Alphabet was added to Wedbush's "Best Ideas List" by an analyst who took over coverage of the company with an outperform rating.
In addition, JP. Morgan analyst Doug Anmuth raised his price target for Alphabet to $2,575 from $2,390 and affirmed his overweight rating.
In February, Alphabet reported fourth-quarter results that topped analyst estimates.