Alphabet Inc.’s earnings were a bit better than Wall Street had expected. But will that beat really matter for the company’s stock? Bernstein Research analyst Mark Shmulik said in a note to clients that Alphabet by most accounts,

Alphabet brought in $90.2 billion of revenue in Q1, topping consensus analyst estimates of $89.2 billion, and $2.81 diluted earnings per share ($34.5 billion net income), smashing forecasts of $2.01 EPS ($24.8 billion net income), according to FactSet.

Google parent Alphabet is set to report first-quarter results after the market closes Thursday, with analysts largely bullish on the tech giant's ability to weather economic uncertainty.