The tech giant announced it would buy back $70 billion in stock and posted first-quarter revenue above estimates.
An exterior view of building BV100, during a tour of Google's new Bay View Campus in Mountain View, California, U.S. May 16, 2022. REUTERS/Peter DaSilvasaid on Tuesday it would buy back $70 billion in stock and posted first-quarter profit and revenue above estimates as demand rose for cloud services and ad sales held up better than expected.
Excluding items, Alphabet reported earnings per share of $1.17, beating an average estimate of $1.07 per share. He said turning a profit in cloud computing was "notable" but "the reality is that Google Cloud remains comfortably behind its two most important competitors, and its growth is slowing." Sales for the unit rose to 28% to $7.41 billion.
Alphabet for the quarter reported a slight dip in ad sales to $54.55 billion from $54.66 billion a year earlier. The decline is just the third in the company’s history since it became public in 2004 but follows a fourth-quarter drop of 3.6%.
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