Alphabet revenue unexpectedly rises in first quarter amid industry slowdown

Alphabet stocks rose in after-hours trading on Tuesday after the tech firm beat analyst expectations for first-quarter earnings, marking an unexpectedly bright spot in the otherwise struggling tech sector. The company reported first-quarter revenue of $69.8bn, up 3% year-over-year and above analyst predictions of $68.9bn. Its cloud business reported a profit for the first time since its launch, taking in $191m. Shares were up nearly 3% in after-hours trading, as investors were heartened by Alphabet's announcement of a $70bn stock buyback. In a statement accompanying the report, the company's chief executive, Sundar Pichai, acknowledged the growing momentum of its cloud services and Alphabet is continuing to invest in search capabilities, including in the use of artificial intelligence. "We introduced important product updates anchored in deep computer science and AI," he said.