The top tech performer on the S&P 500 index for the month of April was Alphabet, with Class C shares of the company (GOOG) gaining 9.2% in April to $905.96. Class A shares of the company, which trade under the ticker (GOOGL) , gained a robust 9.05% to $924.52 in April.
Meanwhile, the S&P 500 index gained 1.1% for the month to 2,384.20.
Class C and Class A shares of Alphabet are trading up about 17% year-to-date and are up about 26% in the past 12 months.
Alphabet got a nice bump this week after releasing an impressive 2017 first-quarter financial report on Thursday. The company reported earnings of $7.73 per share, topping estimates for $7.38 per share. Revenue came in at $24.75 billion, also beating expectations for $24.22 billion.
TheStreet's technology columnist Eric Jhonsa said the most notable figure from the report was the paid ad clicks on Google-owned sites, which rose a stunning 53% year-over-year. "The figure says a lot about how much smartphone activity continues to grow Google's addressable market, and how effective it has become at monetizing this activity," he explained.
Alphabet also reported an impressive 19% jump in ad sales to $21.4 billion for the quarter. Ad sales for its own properties rose 21% for the quarter, vs. ads on partners' sites which rose 8.6% for the same period. "The increase in [Google] sites revenue reflects healthy growth in mobile search," Alphabet CFO Ruth Porat said on the earnings call.
The first-quarter figures helped calm fears about any potential damage done by the controversy surrounding the company's YouTube ads. In March, a number of U.S. advertisers, including Coca Cola (K) , Pepsi (PEP) and Walmart (WMT) , started scaling back their advertising with Google because they were concerned about them appearing beside offensive or controversial videos.
"For awhile there, Alphabet was facing a lot of heat given issues advertisers and agencies had around YouTube...In any case, we believe those concerns are alleviated at this point, with clear focus and interest evident that addressing content issues is a top priority," wrote Monness Crespi Hardt analyst James Cakmak in a note to investors on Friday.