Alphabet's first-quarter profit soars with Google's big AI bets

Google’s transition into the era of artificial intelligence continued to pay off for its corporate parent, Alphabet Inc., which on Wednesday announced another quarter of the stellar growth that helped to more than double its already lofty market value during the past year.

Alphabet earned $62.6 billion, or $5.11 per share, during the January-March period, an 81% increase from the same time last year.

Revenue climbed 22% from last year to $109.9 billion.

Both numbers easily surpassed the analyst projections that steer investors.

Alphabet's stock price rose by more than 6% in extended trading, putting the shares on trajectory toward a new peak in Thursday's regular trading.