Google parent Alphabet sees growth despite pandemic; shares jump

San Francisco: Google parent Alphabet on Tuesday outshined dim earnings expectations, showing higher revenue and profits despite a coronavirus-induced slowdown in its core digital advertising operations in March.

Alphabet shares leapt more than eight percent in after-hours trades following release of earnings figures that eased fears the pandemic would stall the internet firm’s income engine.

Alphabet reported a profit of $6.8 billion in the first three months of the year, up nearly three percent from last year, on revenue that grew 13 percent to $41 billion.

The Silicon Valley giant, the first of the big technology firms to report quarterly results, offered a mixed picture: a strong start to the year followed by an abrupt slowdown in advertising in March and some tentative signs the worst may be over.