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

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

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

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

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

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

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

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

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

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

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

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