Google Parent Posts Surge in Profit, but Expenses Also Jump

Net profit jumped 73% to $9.4 billion in the first quarter, up from $5.4 billion in the same period last year, a performance that highlights the firm's huge lead in the global market for online ads. The earnings growth was Alphabet's strongest since the fourth quarter of 2009. Advertising revenue, which accounts for nearly all of the company's top line, soared 24% to $26.6 billion. Revenue from "Other Bets," a segment which includes Waymo self-driving cars, totaled $150 million, an increase of 14% from the same period last year. The results landed while regulators in Washington are considering getting tougher on internet privacy.