Alphabet Beats Estimates on Search Ads

GOOGLE PARENT REPORTED first-quarter revenue and profit that exceeded analysts' expectations, buoyed by continued strength in its search advertising business.

- BLOOMBERG

First-quarter sales, excluding partner payouts, were $76.5 billion, the company said Thursday in a statement. Analysts had expected $75.4 billion on average, according to data compiled by Bloomberg. Net income was $2.81 per share, compared with Wall Street's estimate of $2.01.

The company's shares gained as much as 4.3% on Friday to $166.10. They're still down about 13% this year.