Google rose nearly 6%, and its stock price hit a record high of $2,427. Google's 2021 Q1 revenue and net profit exceeded expectations, and it announced the repurchase of 50 billion US dollars of stock.
The tech giant displayed all-round performance in the last quarter with its flagship Google search, YouTube and Google cloud registering healthy gains in revenue as people, many stuck at home by repeated lockdowns, gorged on gaming, music, sports and entertainment.
The announcement of a $50 billion share repurchase program was also helping the bounce in shares.
The company posted a 34% gain in revenue to $55.31 billion. Operating margin, a sign of profitability, rose a huge 1100 basis points to 30%.
One basis point is one hundredth of a percentage point.
At $31.87 billion, search and other Google products like maps contributed more than half of total revenues. YouTube revenues rose 49% to $6 billion.
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