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Google's Alphabet beats expectations but revenue growth slows

Investing.com -- Alphabet (NASDAQ:GOOGL) shares rose after the Google parent beat expectations on the top and bottom lines and said it would buy back $70 billion in shares.

Earnings per share of $1.17 and revenue of $69.79B beat expectations for $1.08 in earnings per share and $68.87B in revenue. Revenue rose 3% from the same time last year, growth that slowed from the 23% revenue growth in the first quarter of 2022.

The stock rose 4% in after-hours trading and is up 18% so far this year.

CEO Sundar Pichai said the management was pleased with the performance. “We introduced important product updates anchored in deep computer science and AI. Our North Star is providing the most helpful answers for our users, and we see huge opportunities ahead, continuing our long track record of innovation,” he said.

Revenue from Google advertising was $54.55B, which beat expectations. Revenue from YouTube ads was $6.69B and revenue from Google Cloud was $7.45B.

The first quarter included $2.6B in charges related to workforce and office space reductions.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.