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Google’s parent Alphabet beats market expectations

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Company posts revenues of $69m

Google’s parent Alphabet’s first-quarter revenue exceeded market expectations on Tuesday, boosted by an uptick in advertising and steady demand for its cloud services Photograph: Gareth Chaney/ Collins PhotosGoogle’s parent Alphabet’s first-quarter revenue exceeded market expectations on Tuesday, boosted by an uptick in advertising and steady demand for its cloud services

The company also announced a $70 billion share buyback plan, sending its shares higher by about 3 per cent in extended trading. The company employs 5,500 people in Ireland Advertisers, who contribute the bulk of Alphabet’s sales, have been shifting budgets to proven platforms such as Google’s products and YouTube from untested advertising models.

The company, meanwhile, has been looking to keep a tight control on costs amid recession fears and had in January decided to cut about 12,000 jobs. It has also been sharpening focus on artificial intelligence in its race to gain lost ground from Microsoft’s Bing and the Windows-maker backed ChatGPT maker, OpenAI.

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