Google parent Alphabet Inc. reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business.

Alphabet reported better-than-expected first-quarter earnings after Thursday's closing bell, and the stock is gaining more than 5%. MarketWatch will be breaking down the expectations and results.

Google parent Alphabet unveiled a $70 billion share buyback and beat quarterly revenue estimates on Thursday, benefiting from steady growth in its digital advertising business, which helped offset muted growth at its cloud computing unit.