Alphabet’s (GOOG, Financial)(GOOGL, Financial) core business revenue growth further accelerated during its first quarter and showed continued margin expansion. Google Search and YouTube combined to generate nearly $38 billion in revenue during the first three months of 2021, up over +30% year-over-year, quicker too than the +20% reported in the fourth quarter. The Google business segment also generated robust margin expansion on moderated expense growth, partially due to pandemic-induced spending curbs. The Company has several, long-term revenue and profitability drivers, in addition to the ability to enhance returns by returning net cash to shareholders. We continue to hold Alphabet as our largest position.
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners second-quarter 2021 shareholder letter.
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