Google-parent company Alphabet topped Wall Street targets with 23% revenue growth in Q1, but the better-than-expected performance was not enough to allay worries about rising expenses and the most significant risks of a regulatory clampdown the company has faced in years.
Shares of Alphabet initially jumped by more than 4% in after-hours trading on Monday but quickly reversed course and fell back to around the price that the stock closed at during regular trading.
Google executives said that mobile search and strength in the YouTube video streaming business continued to drive the company’s growth. Advertising revenue, which made up 86% of the core Google business, also grew 24% year-over-year to $26.6 billion.
To read more about Google’s first quarter 2018 earnings, click here.
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