By Paresh Dave
(Reuters) – Google parent Alphabet Inc beat analysts’ estimates for quarterly revenue on Tuesday, as the internet’s biggest supplier of search and video ads benefited from a rebound in ad spending.
Revenue rose to $55.31 billion in the first quarter from $41.16 billion a year earlier.
Analysts had expected revenue of $51.70 billion, according to IBES data from Refinitiv.
The results are the first sign that Google services may hold on to gains in usage brought on by lockdowns and other pandemic restrictions that forced people to shop and communicate online over the last year.
Alphabet shares rose about 5% to $2,405 in extended trading.
Google ad sales surged 32% in the first quarter compared with a year ago. Cloud sales increased 45.7%, in line with expectations of analysts tracked by Refinitiv.
Alphabet also said its board authorized a repurchase of up to an additional $50 billion of its shares.
(Reporting by Subrat Patnaik in Bengaluru and Paresh Dave in Oakland, Calif.; Editing by Devika Syamnath and Matthew Lewis)