Alphabet brought in $90.2 billion of revenue in Q1, topping consensus analyst estimates of $89.2 billion, and $2.81 diluted earnings per share ($34.5 billion net income), smashing forecasts of $2.01 EPS ($24.8 billion net income), according to FactSet.

Google parent Alphabet unveiled a $70 billion share buyback and beat quarterly revenue estimates on Thursday, benefiting from steady growth in its digital advertising business, which helped offset muted growth at its cloud computing unit.