Alphabet Stock Jumps After Earnings Beat, Revenue Surge

Core Insights - Alphabet Inc's Class A shares increased by 3.3% to $164.52 after exceeding Wall Street expectations in its first-quarter report, posting earnings of $2.81 per share on revenue of $90.23 billion, surpassing analyst estimates of $2.01 per share and $89.12 billion [1] Revenue Performance - Overall revenue grew by 12% year-over-year, exceeding Wall Street's forecast of 10% growth, driven by the resilience of Alphabet's core search and advertising units despite rising competition in artificial intelligence [2] Analyst Reactions - Analyst responses have been predominantly positive, with at least 10 price-target increases, including a notable adjustment by Susquehanna from $220 to $225 [2] Options Activity - There has been a significant increase in options trading activity, with 236,000 calls and 134,000 puts traded, which is five times the average intraday volume, indicating heightened investor interest [3] Stock Performance - The stock is on track for its best weekly performance since March 2023, marking its fourth consecutive daily gain, although it remains down 13.4% year-to-date. Shares are currently trading at their highest level in about a month, having surpassed long-term resistance at the 40-day moving average [4]