Google parent Alphabet soars on earnings beat, buyback

Alphabet Inc., the parent company of Google, delivered two big gifts to investors: a stock buyback and an earnings beat.

The company plans to buy back $5.1 billion of its shares.

It also reported $18.7 billion in revenue, up 13 percent. Analysts had expected revenue of $18.54 billion.

Alphabet earned $7.35 a share, excluding certain expenses, above analysts' expectations of $7.20 a share.

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