Alphabet sees record profit, $50 billion buyback

Google's parent company Alphabet reported record profits for a second straight quarter on Tuesday and a $50 billion dollar buyback of shares.

With a surge in online activity in the wake of the global health crisis, Alphabet's first-quarter revenue soared by 34% from the same period a year ago, beating analyst estimates.

Google's ad sales surged by 32%.

As the global market leader as measured in sales, Google's ad business makes up over 80% of Alphabet's first-quarter revenue.

Shares of Alphabet have surged by 80% over the past year.

The company's results are a good sign that Google and Youtube may hold on to gains made over the last year.

But its executives warn that growth could slow as in-person activities resume.

Though several concerns about Google's long-term prospects have emerged in recent years, none have significantly affected sales.

Resolution of privacy and antitrust lawsuits against Google, which could result in changes to its ad operations, likely remains years away.

Talks about changing laws to increase oversight on Google, Facebook and other Big Tech companies regarding privacy and artificial intelligence have lagged.

But issues continue to emerge. On Monday, streaming company Roku accused Google of anticompetitive behavior benefitting YouTube and its hardware businesses, claims which YouTube called "baseless."