Shares in Alphabet, parent company of Google, were up over 4% Tuesday to record highs following a strong earnings report.
The company reported revenues of $31.146 billion for the first quarter of 2018, up 26% from a year ago.
Net income was $9.4 billion in the quarter, mostly fueled by investment gains. Alphabet was hit by a $5 billion fine this week by the European Union but this will hardly make a dent in the company’s cash holdings with over $102.8 billion.
Google’s own network of properties including YouTube generated nearly $22 billion in revenues. The company’s affiliate sites — which includes Adsense — generated $4.6 billion in revenues in the quarter. Google shared $3.8 billion in revenue with its member partners.
Paid clicks on ads on Google properties were up 8% in the quarter but cost per click was down 7% from a year ago.