Alphabet  (GOOGL - Get Report) shares were rising after hours after the company reported first quarter earnings of $7.73, topping Wall Street's $7.39 per share forecast. Revenue of $24.75 billion also beat analysts' $24.22 billion forecasts. 

The company reported a 22% rise, or 24% on a constant currency basis, in revenue and a 1% increase in operating margin to 27%. 

"We clearly continue to benefit from our ongoing investments in product innovation and have great momentum in our new businesses across Alphabet," said CFO Ruth Porat.

Alphabet shares were up 4.55% to $932 after Thursday's close.

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)