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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

Money flows to D.C. media companies

Expand chart
Data: Axios research; Table: Axios Visuals

D.C.-based media companies that have enjoyed a robust advocacy and corporate social responsibility ad market in the wake of the pandemic are seeing valuations rise.

Driving the news: Axios on Monday told staffers in an internal note that the company raised a series D funding round from Cox Enterprises, Inc., valuing the company at $430 million. Axios will bring in roughly $85 million in revenue in 2021.

Kate Marino, author of Markets
Nov 3, 2021 - Economy & Business

Fed chair lays out taper timeline, says rate liftoff not discussed at FOMC meeting

Federal Reserve chair Jerome Powell. Photo: Kevin Dietsch/Getty Images

The Federal Open Market Committee on Wednesday laid out a framework for reducing — or tapering — the emergency bond purchases it's been making since March 2020.

Why it matters: These purchases, totaling $120 billion per month, were a keystone in the federal government's rescue of financial markets, which went into free fall soon after countries around the world instituted widespread stay-at-home orders.

2 hours ago - World

U.S. will give Russians written response to NATO demands, Blinken says

Blinken and Lavrov shake hands in Geneva. Photo: Russian Foreign Ministry / Handout/Anadolu Agency via Getty Images

Secretary of State Antony Blinken confirmed after a meeting with his Russian counterpart on Friday that the U.S. will provide written answers to Russia's security demands next week.

Why it matters: Russia claims to be waiting for "concrete answers" to its demands that NATO rule out further expansion and roll back its presence in eastern Europe before deciding its next steps on Ukraine. But the U.S. and NATO have called those proposals "non-starters," and Friday's meeting offered no breakthroughs, so it's unclear how written answers might change the equation.