Alphabet Inc. (GOOGL, Financial), the parent company of Google and YouTube, saw its stock rise by 5% following the release of its first-quarter earnings, which surpassed market expectations. The company reported earnings per share (EPS) of $2.81 and revenue of $90.23 billion. Analysts surveyed by LSEG had anticipated an EPS of $2.01 and revenue of $89.12 billion.
Despite the overall positive earnings report, Alphabet's YouTube advertising and Google Cloud business revenues fell slightly short of expectations. However, the strong performance in other areas was enough to boost investor confidence and drive the stock higher.
