Alphabet Inc beats revenue estimates as AI fuels cloud growth in Q1

Alphabet Inc. reported first-quarter revenue that exceeded analysts’ expectations, buoyed by growth in its cloud computing unit.

The Google parent generated sales, excluding partner payouts, of $67.6 billion for the three months that ended on March 31, surpassing the $66.1 billion expected on average by analysts, according to data compiled by Bloomberg. Net income was $1.89 per share, compared with Wall Street’s estimate of $1.53 per share.

The company also said it would pay a dividend of 20 cents a share, its first ever, and repurchase an additional $70 billion in stock. The shares jumped 13 per cent in extended trading.