Alphabet beats Wall Street estimates with $50BN buyback, ad boost

COVID-19 restrictions have limited travel and trips to physical stores, two key areas of Google’s search business, but Alphabet shares are up about 30 percent this year on optimism that widespread vaccinations will revive shopping, dining and travel.

Google parent Alphabet Inc. reported quarterly sales that topped Wall Street estimates, powered by an increase in digital ad spending by businesses looking to expand during the pandemic reopening. The company also unveiled a big new share buyback, sending the stock up almost 5% in extended trading. First-quarter revenue, excluding payments to distribution partners, came in at $45.6 billion. Analysts expected $42.6 billion on average, according to data compiled by Bloomberg.