Alphabet revenue soars in first quarter amid wider industry slowdown

Google’s parent company reported a revenue of $69.8bn even as it races to implement cost-saving measures

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.