Alphabet, Google's parent company, reported Q1 earnings Thursday. Results majorly beat analyst expectations, sending the stock soaring after hours.

Alphabet GOOGL shares had spiked as much as +4% in today’s trading session, with the tech conglomerate blowing away its Q1 earnings expectations after-market hours on Thursday. The strong diversification in its Q1 results couldn’t have come at a better time,

Alphabet’s search and advertising units are still showing strong growth despite AI competition heating up, according to its first-quarter earnings report.