Analysts polled by FactSet had forecast earnings of $25.75. Revenue of $68.01 billion was in line with expectations.

Alphabet shares were down 4.2% the morning after the release. The company partnered with Microsoft to kick-start the big-tech earnings season,

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Broadly speaking, tech stocks have underperformed. The Nasdaq Composite Index is down 20% to date, and is down 11% in the latest 12 months,

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Google's services revenue totaled $61.47 billion - including advertising revenue of $54.66 billion and other revenue of $6.81 billion - while cloud revenue reached $5.82 billion.

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CEO Sundar Pichai said in the earnings release, “Q1 saw strong growth in Search and Cloud, in particular, which are helping both people and businesses.

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We will continue to invest in the best products and services as digital transformation continues, and create opportunities for partners and local communities around the world."

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Google earnings

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