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News brief: Google-parent Alphabet beat Wall Street expectations for its first quarter earnings report, posting $31.2 billion in revenue ($30.4 billion expected), up 26 percent, and earnings per share of $9.93, excluding a $3.40 impact from a new accounting standard ($9.30 expected). Shares of Alphabet spiked more than 4 percent in after-hours trading, but leveled out shortly thereafter. The company’s stock price had dipped nearly 10 percent in the past three months amid growing data privacy and regulatory concerns. See the full earnings release here.

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