Alphabet's revenue exceeds expectations, cloud business achieves highest quarterly historical record.

On Wednesday, Alphabet reported quarterly revenue that exceeded Wall Street expectations, with the company's investment in artificial intelligence driving its cloud business to its best quarterly growth ever. The company's stock rose over 6% in after-hours trading. Data shows that the Google parent company's first-quarter total revenue increased by 22% to $109.9 billion, higher than the expected $107.2 billion. In the first quarter ending in March, Google Cloud revenue increased by 63% to $20 billion, far exceeding the analyst average expectation of 50.1% growth. This growth rate is the highest level since the company began disclosing revenue for this business segment separately in 2020. "Our enterprise AI solutions have become the primary growth engine for our cloud business for the first time," CEO Sundar Pichai said in a conference call with analysts, noting that sales of these products have grown eight times compared to a year ago.