Alphabet's stock has soared this year, pushing it above a U.S. $600 billion market cap this week for the first time, the report said. Despite spending billions on capital expenditures, the company still generated $7 billion in free cash flow in its most recent quarter.
The internet company's revenue rose 22% on the same period a year ago to 24.7 billion dollars (£19.1bn), a figure that was also more than four billion dollars higher than analysts predicted.
"Our excellent results represent a terrific start to 2017, with revenues up 22% versus the first quarter of 2016 and 24% on a constant currency basis".
The resulting figures have also encouraged the stock market to react strongly, with Alphabet's shares rising by almost 3pc to $916.80 at the end of the trading day. Alphabet Inc., formerly known as Google Inc., is headquartered in Mountain View, California.
The company reported its first-quarter earnings today that outperformed what Wall Street expected, with its advertising business once again continuing to generate an enormous amount of money at great margins. On this count, CEO Sundar Pichai insisted Google's efforts to deal with the March advertiser backlash caused by YouTube's hosting of extremist content are paying off, and talks with advertisers (said to number in the thousands) have been "very positive".
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Google appears to be taking these issues seriously by ntroducing new default settings around where ads can appear, more controls for advertisers and third-party brand safety reports.
Google's non-advertising revenue, which consists mainly of the cloud computing business, the Pixel smartphones and the Play store, also grew dramatically in the quarter, jumping 49.4% to $3.1 billion. It's not Google's advertising business (likely as strong as ever), nor will it be one of its "moonshot" ideas.
"I. think we have learned a lot about how to set up new companies with a structure for success", he wrote in the letter.
Paid clicks, where an advertiser pays only if a user clicks on ads, rose 44 percent. The rise of GPU usage for machine learning - which will need to make its way into these web services - will also likely provide a major windfall for both Amazon and Alphabet's cloud businesses.