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Update: Alphabet Q1 Earnings, Revenue Rise; Shares Jump Premarket

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(Updates with the stock move in the headline and the first paragraph.)

Alphabet's (GOOG, GOOGL) shares were up 6% in Thursday's premarket activity after the tech giant reported overnight Q1 earnings and sales above market expectations.

The company reported Q1 earnings late Wednesday of $5.11 per diluted share, up from $2.81 a year earlier.

Analysts polled by FactSet expected $2.63.

Revenue for the quarter ended March 31 rose to $109.9 billion, up from $90.2 billion a year earlier.

Analysts surveyed by FactSet expected nearly $106.96 billion.

The company raised its quarterly cash dividend to $0.22 per share from $0.21, payable June 15 to stockholders of record as of June 8.

Price: $368.21, Change: $+20.90, Percent Change: +6.02%

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