Google’s parent company Alphabet beats Q1 earnings estimates, announces $70 billion stock buyback

Alphabet, the parent company of Google, has surpassed Q1 earnings estimates, boosting its stock prices.

The company's revenues for the first quarter grew by 34% year-over-year to $55.3 billion.

Alphabet's net income was $17.9 billion, reflecting a significant increase compared to the previous year.

The company has also announced a $70 billion stock buyback program, expected to be completed by 2025.

Google Cloud saw a surge in revenue, with an increase of 46% year-over-year to $4 billion.

The company's advertising revenue also grew by 32% year-over-year to $44.7 billion.

Alphabet's CEO, Sundar Pichai, attributed the strong results to the continued shift to digital services.

The company's stock buyback program reflects its confidence in its long-term growth prospects.

Alphabet's strong performance comes despite ongoing regulatory scrutiny in the tech industry.

The company plans to invest heavily in areas such as artificial intelligence and cloud computing to drive future growth.

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