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Photographer: Jason Alden/Bloomberg via Getty Images

Google's parent company Alphabet blew past Wall Street expectations on revenue during the first quarter, sending its stock up nearly 5% in after-hours trading.

Driving the news: The tech giant said its video platform YouTube brought in a record $7 billion for the quarter, up 84% year-over-year.

Why it matters: Alphabet's success can be attributed in part to the better-than-expected advertising market coming out of the pandemic.

  • Social media companies like Snapchat and Twitter last week reported record revenue growth for the second quarter of 2021, an early indicator that internet giants are poised to benefit from the digital ad market boom.

Between the lines: Google also shared that its TikTok competitor, YouTube Shorts, has surpassed 15 billion global daily views, up from 6.5 billion that it previously announced in March. 

By the numbers, via CNBC:

  • Earnings per share (EPS): $27.26 vs $19.34 per share, according to Refinitiv estimates.
  • Revenue: $61.88 billion vs $56.16 billion, according to Refinitiv estimates.
  • YouTube advertising revenue: $7.00 billion vs $6.37 billion expected, according to StreetAccount estimates.
  • Google Cloud revenue: $4.63 billion vs $4.40 billion expected, according to StreetAccount estimates.
  • Traffic acquisition costs (TAC): $10.93 billion vs $9.74 billion expected, according to StreetAccount estimates.

Be smart: Google is facing increasing regulatory scrutiny around the world, particularly in Europe and the U.S. But as Axios' Scott Rosenberg notes, tech giants "are floating on a cushion of record profits in lakes of reserve cash, and all that money makes them just about unsinkable."

Go deeper

Ina Fried, author of Login
Sep 21, 2021 - Technology

Google-backed report hits Microsoft dominance

Photo: Halil Sagirkaya / Anadolu Agency

Microsoft's 85% share of the productivity business within the U.S. government market is part of a harmful "monoculture" that stifles innovation, according to a new report commissioned by Google and the Computer & Communications Industry Association.

Between the lines: The report is the latest example of Google and Microsoft going after one another since the companies scrapped a pact to avoid direct attacks.

Updated 26 mins ago - Politics & Policy

Senators grill top Pentagon leaders over Biden's Afghanistan exit

Photo: Carolone Brehman/Pool/AFP via Getty Images

Defense Secretary Lloyd Austin, Joints Chiefs of Staff Chairman Gen. Mark Milley, and the head of U.S. Central Command, Gen. Frank McKenzie, are testifying before Congress for the first time since the chaotic U.S. withdrawal from Afghanistan.

The latest: Austin said in his opening statement that military leaders began planning for a non-combatant evacuation of Kabul as early as the spring, and that this is the only reason U.S. troops were able to start the operation so quickly when the Taliban captured the city. "Was it perfect? Of course not," Austin acknowledged.

Congress must raise the debt limit by Oct. 18, Yellen warns

U.S. Treasury Secretary Janet Yellen during a press conference at the Capitol on Sept. 23. Photo: Sarah Silbiger/Bloomberg via Getty Images

Treasury Secretary Janet Yellen told House Speaker Nancy Pelosi in a letter Tuesday that the United States will likely begin to default on its loans shortly after Oct. 18 if Congress fails to raise or suspend the debt ceiling by then.

Why it matters: The U.S. has never defaulted on its financial obligations, and Yellen has previously warned that doing so would cause irreparable damage to the U.S. economy and global financial markets.