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Alphabet reported that its first-quarter revenue increased 22% to $24.75 billion from $20.26 billion in the same period past year.

In the first quarter of FY 17, Alphabet has reported the adjusted earnings per share of $7.73, beating the analysts' estimates for the adjusted earnings per share of $7.34.

"YouTube revenue continued to grow at a significant rate", Alphabet CFO Ruth Porat said on a call Thursday with investors.

Shares were up 4 percent in after-hours trading; shares are up more than 20 percent in the past year. Year-to-date, GOOGL has gained 12.49%, versus a 7.21% rise in the benchmark S&P 500 index during the same period.

Google's cost to acquire its advertising traffic, or "TAC", rose by 22% to $4.6 billion.

Paid clicks, where an advertiser pays only if a user clicks on ads, rose 44 percent - analysts were, according to Reuters, only expecting a rise of 29.7 percent.

Google's umbrella corporation parent company Alphabet has just unveiled its earnings report for Q1 2017 (which ended in March), with some very positive results across the board.

Revenues rose 22% (or 24% in constant currency), which easily beat analyst expectations.

The changes to Google's advertising and search policies both came at the tail end of the first quarter and had little impact on the tech giant's performance.

Alphabet's total revenue for the quarter was US$24.75 billion, including an nearly 50% increase for Google's "other revenues" to $3.10 billion.

It's also the case that YouTube, where the trouble is, represents only a portion of Google's $21.4 billion in digital ad revenue.

The Google segment delivered the overwhelming majority of revenues for the company - or $24.5 billion.

Alphabet Inc is a holding company.

However, Alphabet's self-titled "Other Bets", which includes all of its research and connectivity divisions such as Waymo and Google Fiber, have not fared as well as Google.

Diane Greene, now senior vice president for Google's cloud operations, earned total compensation of $43.7 million a year ago, most of it via two stock awards totaling $42.8 million.