Bernstein Research analyst Mark Shmulik said in a note to clients that Alphabet GOOG GOOGL, by most accounts, “delivered a pristine quarter.” But he wonders if investors are paying enough attention to fundamentals, in a market where headlines are driving so much of the narrative.

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.

Alphabet (GOOG) released its first-quarter earnings yesterday, April 24, after the close of markets. The stock is trading higher today as the Google parent beat on both the top line and bottom line. In this article,