Online search and advertising giant Alphabet's (GOOG 0.92%) (GOOGL 0.93%) first-quarter results are out. Though the Google parent's results beat analysts' consensus forecast for both revenue and earnings per share, a close look at the report reveals that growth came from two areas -- and one of those areas is growing exceptionally fast. Those areas were Alphabet's core Google search segment and its fast-growing cloud computing business.

Here's a closer look at Alphabet's overall results, as well as an analysis of what areas of its business are proving to be resilient and which are taking a hit in an uncertain macroeconomic environment.

Growing despite a tough economy

Alphabet announced that its first-quarter revenue came in at $69.8 billion, up 3% year over year and significantly ahead of analysts' average forecast for revenue of $68.9 billion. Note that on a constant-currency basis, revenue rose 6% year over year, so the company's underlying business momentum may be understated due to recent fluctuation in foreign exchange.

As Alphabet Chief Financial Officer Ruth Porat noted in the company's first-quarter earnings release, the quarter's revenue growth was driven by strength in search and cloud computing.

Alphabet's revenue from a segment called "Google Search & Other" rose 2% year over year to $40.4 billion. Revenue in the company's Google Cloud business increased from $5.8 billion in the year-ago quarter to $7.5 billion. Google Cloud was easily Alphabet's fastest-growing segment during the quarter.

Porat also said the company is "re-engineering [its] cost base" -- a move that will likely help bolster profitability throughout the year.

Earnings per share were $1.17, down from $1.23 in the year-ago period but ahead of analysts' average forecast for $1.07. While Alphabet's profits were down, the company's quarterly net income of more than $15 billion is still significant -- particularly in relation to the stock's conservative valuation, captured by its price-to-earnings ratio of just 23.

Areas of weakness

There were some areas of Alphabet's business, however, that weren't so hot. YouTube advertising revenue, for example, fell 3% year over year. Importantly, however, this was an improvement from the 8% year-over-year decline in YouTube ad revenue that Alphabet saw in the fourth quarter of 2022. So you could argue that the quarter's YouTube ad revenue was encouraging, compared to recent trends.

Revenue also fell in the company's Google network segment, which includes advertising revenue from ads placed across its network partners' websites and apps. This revenue fell 3% year over year.

Sales from the tech company's more speculative businesses and ventures, which are lumped into a segment called "other bets," plummeted, falling from $440 million in the year-ago quarter to $288 million. But the segment accounts for less than half of a percentage point of total revenue. However, the segment's operating loss of $1.2 billion weighed meaningfully on Alphabet's total income from operations of $17.4 billion.

Overall, the quarter's report showed a resilient and highly profitable tech company, making the stock's valuation look compelling. Investors may want to consider researching the stock further to see if Alphabet shares are worth buying at this price.