Alphabet (GOOGL) reported first-quarter financial results that significantly exceeded Wall Street expectations.
Total revenue reached $109.9 billion. This figure represents a 22% year-over-year increase. Revenue beat the consensus estimate of approximately $107 billion.
Net income reached $62.58 billion. This represents an 81% surge from the previous year. Earnings per share reached $5.11. This result surpassed the average analyst estimate of $2.64 per share.
Google Cloud revenue reached $20 billion. Cloud revenue grew 63% compared to the prior year. This performance beat analyst projections of $18.4 billion. The Cloud segment's backlog nearly doubled from the previous quarter.
CEO Sundar Pichai attributed the growth to artificial intelligence investments. Pichai stated that AI is lighting up every part of the business.