Overview
- Alphabet reported Q1 revenue of $109.9 billion and earnings of $5.11 per share, topping Wall Street forecasts.
- Google Cloud sales rose 63% to $20 billion, and the backlog nearly doubled to about $460 billion as enterprises locked in AI projects.
- Search revenue grew 19% year over year, easing fears that AI chatbots would pull users away from Google’s core product.
- CEO Sundar Pichai said AI demand outpaced available capacity, and Google is adding compute to support growth across products and services.
- Shares rose about 9% after the release as firms including Roth Capital, RBC Capital, and Citizens raised price targets on stronger AI-driven momentum.