Google rose more than 4% in premarket trading

Google rose more than 4% in premarket trading, and Q1 revenue and net profit exceeded expectations in 2021.

Alphabet Results Beat in Q1 as Advertising Revenue Jumped; Shares Soar

Alphabet A (NASDAQ:GOOGL) reported on Tuesday first-quarter results that beat analysts' forecasts as advertising revenue was bolstered by growth its YouTube and Search businesses. The company also detailed plans to buyback another $50 billion of Class C stock.

The Google parent announced earnings per share of $26.29 on revenue of $55.31 billion. Analysts polled by Investing.com anticipated EPS of $15.66 on revenue of $51.36 billion.

Revenue growth was driven by "elevated consumer activity online and broad based growth in advertiser revenue," the company said.

Google Advertising climbed 32%, to $44.68 billion, above consensus of $41.65 billon.

Google Search & other, and YouTube, rose 30% and 49% respectively.

Google Cloud was up 46%, to $4.05 billion, underpinned by strength and opportunity in both Google Cloud Platform, or GCP and Workspace.

"On April 23, 2021, the board of directors of Alphabet authorized the company to repurchase up to an additional $50.0 billion of its Class C capital stock," Google said.