Alphabet's Class C shares, GOOG, are experiencing a price increase as a direct result of the company reporting Q1 results that surpassed analysts' expectations. This positive earnings report typically leads to increased investor confidence and demand for the shares, driving up the price in the short term.

Alphabet's Class A shares, GOOGL, are seeing an uptick in their trading price as a consequence of the company's Q1 earnings outperforming market expectations. This outperformance is a strong signal to investors of the company's robust financial health and operational efficiency, often resulting in a bullish short-term outlook for the stock.