Alphabet reported first-quarter earnings today that beat Wall Street expectations, sending Google (GOOG) stock to an intraday record of $374.22. The stock was trading at $369, up 6% at press time, pushing the company’s market value to about $4.4 trillion.
Q1 revenue rose 22% year over year to $109.9 billion, with net income reaching $62.58 billion, or $5.11 per share, significantly exceeding analyst expectations of $2.62 per share. Google Cloud led growth, with revenue surging 63% year over year to $20.03 billion, well above expectations near $15.3 billion, driven by enterprise demand for AI infrastructure and cloud services. The division’s contracted backlog reached approximately $460 billion, nearly double the previous quarter’s level.
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