Alphabet Inc. shares rise 5.00% in premarket after strong Q1 earnings and $700B stock buyback plan.

Alphabet Inc. surged 5.00% in premarket trading, driven by strong first-quarter earnings with revenue of $902.3 billion, exceeding expectations. The company's advertising revenue was $668.9 billion, also above estimates, while cloud business revenue grew 28% year-over-year to $122.6 billion, slightly below expectations. Net income rose 46% year-over-year to $345 billion, with earnings per share of $2.81, surpassing the expected $2.01. The company also announced a $700 billion stock buyback plan and a 5% increase in quarterly cash dividends.