Alphabet today announced Q1 2022 results with revenue of $68.01 billion. These numbers run from January to March and kick off the company’s fiscal year.
Revenue is up 23% from $55.3 billion in Q1 2021, with operating profit of $20.09 billion and net profit of $16.44 billion for this quarter (compared to $17.93 billion a year ago). For comparison, Alphabet reported revenue of $75.3 billion and net income of $20.64 billion in the last quarter for the holiday season.
“Q1 saw strong growth in search and cloud, in particular, which helps people and businesses continue digital transformation. We continue to invest in great products and services and create opportunities for partners and local communities around the world. »
Sundar Pichai, CEO of Google and Alphabet
“We are pleased with Q1 revenue growth of 23% year over year. We continue to make thoughtful investments in capital expenditure, R&D and talent to support long-term value creation for all parties involved. »
Ruth Porat, CFO of Google and Alphabet
Alphabet also announced a $70 billion Class A and Class C share buyback.
In Q1 2022, YouTube ad revenue was $6.87 billion (vs. $6 billion a year ago), while Cloud brought in $5.82 billion (vs. $4.05 billion in Q1 2021).
“Other Google revenue” – which includes hardware, Play Store and non-advertising YouTube revenue – recorded $6.82 billion, compared to $6.49 billion in the same quarter last year.
“Other Bets” continues to lose money. However, it surprisingly reported revenue of $440 million compared to $198 million in Q1 of 2021. However, it lost $1.16 billion, with $1.15 billion in the same quarter last year .
As usual, Alphabet will hold its Q1 2022 earnings conference call with investors to further break down the earnings release numbers. You can follow via the livestream below and we’ll have coverage of all the notable information revealed by the company.
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