Alphabet recorded $55.3 billion revenues in the first quarter, up 34% from a year earlier, according to the company’s press release. The company’s profit soared 162% from last year to hit $17.93 billion.
Alphabet’s robust earnings reflected growth in advertising business as stay-at-home orders during the pandemic accelerated demand for digital commerce.
Alphabet’s signature products such as Gmail, search, and maps generated a revenue of $31.88 billion, up 30% from last year.
YouTube generated $6 billion, up 49% from the previous year.
Google expects to repurchase $50 billion worth of stock from time to time.
The robust earnings come when Google faces increased scrutiny over “secretive agreements” that place its search-engine and advertising businesses at an unfair advantage over rivals.
Google seeks to remain the default search engine on several devices including iPhones and has also invested in cloud computing service to challenge rivals. Google stock is currently gaining. GOOG: NASDAQ is up 5.07% on premarket.
