Google parent Alphabet Inc. has announced that it has seen a record profit for the second consecutive quarter and a $50 billion share buyback. With most of the online consumer activity remaining elevated in the first quarter, Alphabet has beaten the analysts' revenue estimates and nearly surpassed its sales record in the fourth quarter.
It is said that Google ad sales jumped to 32 percent in the first quarter when compared to last year's sales revenue. In contrast, its Cloud sales increased to a record 45.7 percent, in line with estimates. Alphabet shares rose about 4.3 percent, which sums up to an estimated sum of $2,390.10 in the recently extended trading. Google's ad business, the global market leader as measured in sales, accounted for 81% of Alphabet's first-quarter revenue.
Though several concerns about Google's long-term prospects have emerged in recent years, none of these have significantly affected its sales or revenue. Alphabet's overall quarterly sales rose 34 percent to $55.3 billion. Revenue benefited by an unspecified amount from Google's acquisition of smartwatch maker Fitbit in January. Besides, Alphabet's quarterly profit was $17.9 billion, or $26.29 per share, beating estimates of $15.88 per share and topping its previous high of $15.2 billion last quarter.