Shares of Google’s parent company Alphabet Inc. (GOOGL) slipped almost 6.1% after hours on Thursday as the company came up with disappointing Q1 earnings results. The market had probably did not see this coming as the stock had added about 0.7% in the trading session of Apr 21. The Q1 earnings season has been a disappointing for the technology sector with weak earnings reports from International Business Machines (IBM) and Netflix (NFLX) triggering a sell-off earlier in the week. Recently released Microsoft Corporation (MSFT) earnings weren’t encouraging either. As per the Zacks Earnings Trend report the tech sector is expected to post an earnings decline of 5.8% in the first quarter compared to the decline of 1.3% in fourth-quarter 2015 (read: How Will Technology ETFs Perform As Q1 Unfolds?). Alphabet Earnings in Details Alphabet reported adjusted earnings of $6.02 per share during the quarter, missing the Zacks Consensus Estimate of $6.36. Revenues of $16.47 billion were up more than 17% year over year but down 5% sequentially. The sequential decline was largely expected considering that the fourth quarter is seasonally the company’s strongest quarter benefiting from the holiday season. The Zacks Consensus Estimate was $16.51 billion. This is the company’s second quarterly update since it undertook a major restructuring initiative last year. The company reported Google as a single segment while all other Alphabet businesses were combined as Other Bets. Segmental Google revenues were up 17% year over year benefiting from higher revenues from Google websites (up 20%), Google Network Members' websites (up 3%) and Google advertising revenues (up 16%). Total traffic acquisition costs were $3.8 billion, accounting for 21% of total advertising revenue, highlighting the ongoing shift to mobile advertising and the growing importance of programmatic advertising. Cost per click (CPC) was down 9% year over year. Paid clicks were up 29% year over year. Other Bets revenues were primarily generated by Nest, Fiber and Verily. However, the first quarter did not have all dampeners. At the earnings conference call, the company’s Chief Financial Officer Ruth Porat pointed out that substantial strength in mobile search drove a 20% gain in company-owned site revenue during the quarter. Meanwhile, YouTube revenues continue to surge driven by video advertising across TrueView and Google Preferred, with a growing contribution from app promotion. Alphabet’s advertising business and new offerings such as cloud services looks promising. One of the key reasons for Alphabet underperforming was the strengthening of dollar, a trend on reversal these days. Alphabet currently has a decent Zacks Rank #3 (Hold). We have highlighted four ETFs with heavy exposure to this giant for investors having a positive view on the stock along with its broader industry (see: all the Technology ETFs here). iShares Dow Jones US Technology ETF (IYW) This ETF tracks the Dow Jones US Technology Index, giving investors exposure to the broad technology space. The fund holds 141 stocks in its basket with AUM of $2.5 billion while charging 44 bps in fees and expenses. It exchanges more than 267,000 shares a day. Of the major holdings, GOOGL has a weight of 6.5%. The product is heavily skewed toward the software & services segment accounting for 54.3% of the holdings. The product has a Zacks ETF Rank of 1 or ‘Strong Buy’ with a Medium risk outlook. Social Media Index ETF (SOCL) This fund provides a broad exposure to Social Media companies around the world by tracking the Solactive Social Media Total Return Index. The fund has accumulated AUM of $61.3 million while charging 65 bps in fees per year. The company trades in daily average of 67,000 shares. In total, the fund holds 28 stocks in its basket. Out of these, Alphabet takes seventh spot at 5.8%. The product has a Zacks ETF Rank of 2 or ‘Buy’ with a High risk outlook. (read: Oscars Ready to Roll: Are You a Fan of These ETFs?). JHancock Multifactor Technology ETF (JHMT) This fund provides broad exposure to the technology sector within the U.S. by tracking the John Hancock Dimensional Technology Index. The fund has accumulated AUM of $18.7 million while charging 50 bps in fees per year. Volume is light though. In total, the fund holds 121 stocks in its basket. Out of these, Alphabet takes the second spot at 5.5%. In terms of industrial exposure, Software makes up for almost 25% share in the basket. Select Sector SPDR Technology ETF (XLK) This technology ETF follows the Technology Select Sector Index and has $13.9 billion in AUM. This fund trades in heavy volume of roughly 12.2 million shares and charges 14 bps in fees per year from investors. In total, the fund holds about 73 securities in its basket. Of these firms, Alphabet is among the top five, making up roughly 5.4% of the assets. The ETF currently has a Zacks ETF Rank of 1 with a Medium risk outlook (read: Bubbles Bursting For Technology ETFs?). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ALPHABET INC-A (GOOGL): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report NETFLIX INC (NFLX): Free Stock Analysis Report MICROSOFT CORP (MSFT): Free Stock Analysis Report ISHARS-US TECH (IYW): ETF Research Reports GLBL-X SOCL MDA (SOCL): ETF Research Reports JH-M-F TECH (JHMT): ETF Research Reports SPDR-TECH SELS (XLK): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report