ReutersApr 28, 2021 2:18:29 AM
From Paresh Dave
(Reuters) – Google parent Alphabet Inc on Tuesday beat analysts’ estimates for quarterly revenue as the largest online search and video ad provider benefited from a surge in ad spend.
Revenue in the first quarter rose from $ 41.16 billion a year ago to $ 55.31 billion.
According to IBES data from Refinitiv, analysts had expected sales of 51.70 billion US dollars.
The results are the first sign that Google services may be clinging to usage gains caused by lockdowns and other pandemic restrictions that have forced people to shop and communicate online over the past year.
Alphabet shares rose approximately 5% in expanded trading to $ 2,405.
Google ad sales grew 32% year over year in the first quarter. Cloud revenue increased 45.7%, which is in line with expectations of the analysts tracked by Refinitiv.
Alphabet also said its board of directors has approved a buyback of up to $ 50 billion of its shares.
(Reporting by Subrat Patnaik in Bengaluru and Paresh Dave in Oakland, California; Editing by Devika Syamnath and Matthew Lewis)
This story was not edited by Firstpost staff and is generated by automatic feed.
