First quarter results top estimates

Alphabet (GOOG, GOOGL) reported first quarter earnings on Tuesday that beat expectations on the top- and bottom-lines, while also authorizing a massive $70 billion stock buyback. The stock rose as much as 4% in after hours trading on the news.

The Google and YouTube parent company reported revenues that beat estimates in its advertising segments — a notable win for the company, which has previously struggled amid the sector-wide digital ad slowdown of the last year.

Here are the key numbers from Alphabet’s earnings, compared to analysts’ estimates compiled by Bloomberg:

• Revenue: $69.7 billion actual versus $68.96 billion expected

• EPS: $1.17 actual versus $1.08 expected

• Google Ad Revenue: $54.55 billion actual versus $53.75 billion expected

• YouTube Ad Revenue: $6.69 billion actual versus $6.64 billion expected

Google Cloud also became profitable for the first time.

“We are pleased with our business performance in the first quarter, with Search performing well and momentum in Cloud,” said Alphabet and Google CEO Sundar Pichai in a statement. “We introduced important product updates anchored in deep computer science and AI. Our North Star is providing the most helpful answers for our users, and we see huge opportunities ahead, continuing our long track record of innovation.”

The company also revealed a number of charges related to its efforts to rein in costs, including $2.6 billion in charges linked to the Alphabet’s layoffs and office space cutbacks.

Like much of tech, the company has been cutting costs aggressively this year and announced plans to cut 12,000 jobs in January.

This is breaking news, more to come.

Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Follow her on Twitter at @agarfinks and on LinkedIn.

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