Shares in Alphabet, parent of Google, rocketed to an all-time high Friday of $916.65 after reporting first quarter earnings.
Alphabet stock closed at $905.96 Friday, up $31.71. The company has a market cap of over $634 billion and is the second-highest stock based on overall value. Apple remains the most valuable company in the world with a market cap of $754 billion.
“Our excellent results represent a terrific start to 2017, with revenues up 22% versus the first quarter of 2016 and 24% on a constant currency basis. We clearly continue to benefit from our ongoing investments in product innovation and have great momentum in our new businesses across Alphabet,” said Ruth Porat, CFO of Alphabet.
The company reported revenues for the first quarter of $24.75 billion, up 22%. Net income for the quarter was $5.42 billion, up from $4.2 billion last year.
Google revenues were made up of $21.4 billion in advertising – $17.4 billion on Google’s own network including YouTube and $4.0 billion on network sites or Adsense.
Google’s other bet revenues were just $244 million, up from $165 million from a year ago. Other bets includes Waymo, a self-driving car division, and Verily life sciences division.