Google Shares Rise On Revenue And Earnings Beat, $50B Buyback

Google parent company Alphabet Inc GOOGGOOGL reported first-quarter earnings Tuesday afternoon.

First Quarter Earnings: Alphabet reported revenue of $55.3 billion in the first quarter, beating estimates of $51.7 billion. The total was up 32% year-over-year.

Earnings per share of $26.29 beat estimates of $15.88. The company reported net income of $17.9 billion, more than doubling last year’s first-quarter total of $6.8 billion.

Total advertising revenue was $44.7 billion in the first quarter, up from the comparable $33.8 billion in the last fiscal year. The company reported search revenue of $31.9 billion, YouTube revenue of $6 billion and Google network revenue of $6.8 billion.

Related Link: Analyst Estimate Record Google Revenue From Pandemic-Driven Online Spend

The company’s other segment revenue was $6.5 billion and Google Cloud revenue was $4 billion in the first quarter.

“Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained,” said CEO Sundar Pichai.

Share Buyback Announced: Along with its first-quarter earnings, Alphabet reported a $50-billion share buyback was authorized by the company. The share repurchases will be executed “from time to time."

Price Action: Shares of GOOG are up 4% to $2,410 in after-hours Tuesday.