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Alphabet reported earnings after Tuesday's closing bell. MarketWatch will be breaking down the results and reactions.

Alphabet Inc., headquartered in Mountain View, California, is a global technology leader best known for operating Google, a powerhouse in online search, advertising, and various digital services.

Alphabet stock's surge following the news, however, added to already big gains that first began materializing a week earlier.

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Alphabet earned $26.3 billion, or $2.12 per share during the most recent quarter, a 34% increase from a year ago.