Alphabet Revenues Grow 3 Percent

Google’s parent company announced that it earned a net income of $15 billion on revenues of $70 billion in the quarter ending March 31. That latter figure is up 3 percent year-over-year (YOY).

“We are pleased with our business performance in the first quarter, with Search performing well and momentum in Cloud,” Alphabet and Google CEO Sundar Pichai said. “We introduced important product updates anchored in deep computer science and AI. Our North Star is providing the most helpful answers for our users, and we see huge opportunities ahead, continuing our long track record of innovation.”

Alphabet’s first quarter 2023 results reflect a $2.6 billion charge related to layoffs and a bit less than $1 billion in other expenses. The company may incur additional charges in the future as it continues to evaluate its real estate needs.

As always, Google’s advertising business delivered the lion’s share of the revenues, with $54.5 billion, flat with the year-ago quarter. So 78 percent of the company’s revenues came from advertising. Google Other (hardware, Play Store) and Google Cloud each delivered another $7.4 billion in revenues, while Other Bets came in with $288 million in revenues (but was unprofitable).

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