Alphabet's earnings impressed Thursday, beating the Street's estimates and showing marginal growth in nearly every area — a good reason to stay invested in Google's parent long term, Piper Jaffray analyst Gene Munster said Friday.
He told CNBC that with Alphabet's focus on competing in the machine learning and artificial intelligence spaces, Google usage will spike once those functions are developed.
"I think that there's reason for optimism beyond just the near term on Google," Munster said on "Squawk Box."
Alphabet reported third-quarter earnings that topped estimates, thanks to strong results in its search, YouTube and Google Cloud segments.
Earnings per share for Google's parent company came in at $9.06, adjusted, on revenue of $22.45 billion.
The tech giant was expected to report profit per share of $8.63 on revenue of $22.05 billion, according to a Thomson Reuters consensus estimate.