Google’s parent company Alphabet has reported strong revenue growth for the first quarter, after “elevated consumer activity” across its services.
Google advertising, which includes Google Search & other, YouTube ads, and Google Network, reported a revenue of US$44.7 billion, up from US$33.8 billion the same period last year.
Google Search & other revenue was US$31.9 billion, up from US$24.5 billion the year prior. YouTube ads reported revenue of US$6 billion, up from US$4 billion the same time last year.
“Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained,” says Sundar Pichai, Alphabet and Google CEO.
“We’ve continued our focus on delivering trusted services to help people around the world. Our Cloud services are helping businesses, big and small, accelerate their digital transformations."
Google stock rose by more than 4% in after-hours trading. During the results, the company also announced that the board had authorised US$50 billion in additional GOOGL stock buybacks.
“Total revenues of $55.3 billion in the first quarter reflect elevated consumer activity online and broad based growth in advertiser revenue,” says Ruth Porat, Google and Alphabet CFO.
“We’re very pleased with the ongoing momentum in Google Cloud, with revenues of $4.0 billion in the quarter reflecting strength and opportunity in both GCP and Workspace.”
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