If the economy is heading into a downturn, Google hasn't felt it.

Or at least, it didn't feel it up until March 31.

The internet search giant reported strong Q1 results on Thursday that sent its stock up as much as 5% after hours, as its key advertising and cloud businesses delivered healthy growth. But those results apply to the first calendar quarter of the year, just before the Trump-triggered global trade war began in earnest.

As for the business conditions Google is currently experiencing: Google isn't saying. Executives at Google-parent company Alphabet maintained a disciplined silence on Thursday's earnings call about anything that's happened in the current quarter, despite analysts' efforts to get an update.

"It’s really too early to comment," chief business officer Philipp Schindler said in response to one such query.

"We're obviously not immune to the macro environment, but we wouldn’t want to speculate about potential impacts," Schindler said. (The one tidbit of information Schindler was willing to share involved the scrapping of the so-called de-minimis shipping exemption relied on by Chinese retailers like Shein and Temu, which would cause a "slight headwind" to Google's advertising business in 2025, particularly from Asian retailers).

After weeks of turmoil in the markets , and a variety of concerns weighing on Google in particular, the company's strong Q1 report card—along with the news that it would bump up its dividend by a penny a share and repurchase another $70 billion of stock—was more than enough reason for investors to celebrate on Thursday.

Google grew its topline 12% year-over-year in Q1 to $90.2 billion, beating the average analyst expectation of $89.2 billion, while earnings per share came in at $2.81 versus the $2.01 expected by Wall Street. The company ascribed the growth to strong demand from advertisers in the financial industry, insurance, healthcare, and retail.

Revenue from ads on video site YouTube grew 10% from the prior year to $8.9 billion, while Google's cloud business increased 28% to $12.3 billion.

Alphabet CEO Sundar Pichai touted gains in the company's AI efforts , including the "AI Overviews" being rolled out across Google's search service, which Pichai said is now used by 1.5 billion users per month. And the company re-affirmed its previously announced plan to spend $75 billion in capital expenditures for its cloud and AI infrastructure this year, signaling that it remains bullish on the AI business.