Alphabet, Google’s parent company, reported a significant increase in profit on Thursday. The company’s net income for the first quarter stood at $34.54 billion, up from $23.66 billion last year. Much of the profit boost, however, came from equity investments rather than core business activities. Revenue for the quarter came in at $90.23 billion, up 12% from a year ago, slightly surpassing analysts’ expectations of $89.15 billion. Operational income grew 20%, also exceeding forecasts.
Commenting on the performance, Sundar Pichai, Alphabet’s CEO, said,…