Alphabet sets profit record, plans $50 billion buyback

Google parent Alphabet Inc on Tuesday reported record profit for the second consecutive quarter and a $50 billion share buyback but warned a surge in usage and ad sales during the pandemic may slow as people resume in-person activities.

With online consumer activity remaining elevated in the first quarter, Alphabet beat analysts’ revenue estimates and nearly surpassed the sales record it set in the fourth quarter.

Google ad sales jumped 32% in the first quarter compared with a year ago, above expectations of analysts tracked by Refinitiv. Cloud sales increased 45.7%, in line with estimates.