Google’s owner reported a 34% year-over-year growth in revenues for Q1 2021
Alphabet, the parent company of Google, has reported a net income of $17.93bn for the first quarter of 2021, an increase of 162.5% compared to $6.83bn in the same quarter of the previous year.
For the previous quarter, that is the fourth quarter of 2020, Alphabet reported a net income of $15.22bn.
The diluted earnings per share for the company in Q1 2021 moved up to $26.29 from $9.87 reported in Q1 2020.
Alphabet’s revenues during the reported quarter were $55.31bn, a 34% growth compared to $41.15bn in Q1 2020. In Q4 2020, the company’s revenues were $56.89bn.
According to Google and Alphabet CFO Ruth Porat, the revenue growth was driven by increased consumer activity online and also because of the advertiser revenue witnessing a broad-based growth.
Google advertising revenues for Q1 2021 were $44.68bn compared to $33.76bn in Q1 2020. It covers revenues coming from Google Search and others ($31.87bn), Youtube ads ($6bn), and Google Network ($6.8bn).
The Q1 2020 revenues for Google Search and others, Youtube ads, and Google Network were $24.5bn, $4bn, and $5.22bn, respectively.
Google Cloud increased its Q1 2021 revenues from $2.77bn in Q1 2020 to $4.04bn.
The operating income for Alphabet in Q1 2021 was $16.43bn compared to $7.97bn in the same quarter of the previous year.
Google and Alphabet CEO Sundar Pichai said: “Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained.
“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.”
The company’s headcount for the quarter that ended 31 March 2021 increased to 139,995 from 123,048 employees reported at the end of Q1 2020.