Marcio Jose Sanchez/AP

Google parent Alphabets earnings surpassed analyst expectations in its first quarter.

The company reported earnings of $9.93 per share, topping Wall Streets consensus estimates of $9.28 a share. The internet search giant reported revenue of $31.1 billion, versus projected revenue of $30.29 billion for the quarter ending March 31.

Alphabet is the first of the internets big advertising platforms to report earnings since the Cambridge Analytica scandal broke in mid-March. Its first quarter results will not be directly impacted, through investors will be listening for clues about the health of the internet ad market following the high-profile Congressional hearings.

In a signal of investor concern Alphabets stock traded down ahead of todays earnings report, with the stock closing at $1,067.45, off $5.51 for the day.

Because of a change in accounting rules, Alphabet had to report all gains and losses on equity investments – like its stake in Uber. That stake produced a $3 billion gain.

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