(RTTNews) - Shares of Google's parent Alphabet Inc. (GOOGL) are currently up nearly 8% on Wednesday morning. The tech company yesterday reported first-quarter revenues that trumped Wall Street expectations, as ad revenues did not slow down as expected due to the impact of ongoing Covid-19 crisis.
GOOG is currently trading at $1,330.73, up $98.14 or 7.96%, on the Nasdaq.
Google advertising revenues for the first quarter rose to $33.76 billion from $30.59 billion last year.
In a statement, Financial Chief Ruth Porat said, "Performance was strong during the first two months of the quarter, but then in March we experienced a significant slowdown in ad revenues."
In the earnings call, CEO Sundar Pichai explained, "The timing of the slowdown, correlated to the locations and sectors impacted by the virus and related shut down orders. As the impact of Covid-19 came into view, we delayed some ad launches and prioritised supporting our customers, as many adjusted their strategies."
Porat also optimistically said that the worst was behind. "The decline in our Search and other ads revenue was abrupt in March, and although we're seeing some early signs at this point that users are returning to more commercial behavior, it's not clear how durable or monetizable that will be," he added.