The parent company of Google reported revenues of $68bn for Q1 2022, a 23% increase compared to $55.31bn for the same period last year; Alphabet’s revenues include $54.66bn from the Google advertising business and $5.82bn from Google Cloud among others
A Google office building in Sunnyvale, California. (Credit: Grendelkhan/Wikimedia Commons)
Alphabet has reported a net income of $16.44bn for the first quarter of 2022 (Q1 2022), an 8.3% decrease, compared to $17.93bn for the same quarter of the previous year.
In the previous quarter, that is Q4 2021, the parent company of Google posted a net income of $20.64bn.
Alphabet’s diluted earnings per share (EPS) in the reported quarter ended 31 March 2022 were $24.62, a decrease of 6.4%, compared to $26.3 reported in the same quarter of 2021.
Its revenues for Q1 2022 were up by 23% to $68bn, compared to $55.31bn in Q1 2021. In Q4 2021, Alphabet’s revenues were $75.32bn.
Alphabet and Google CFO Ruth Porat said: “We are pleased with Q1 revenue growth of 23% year over year. We continue to make considered investments in Capex, R&D and talent to support long-term value creation for all stakeholders.”
Alphabet earned $54.66bn in revenues from its Google advertising business for Q1 2022, an increase of 22.3% compared to $44.68bn in the same quarter of 2021. These include revenues from Google Search and others ($39.6bn), Youtube ads ($6.87bn), and Google Network ($8.17bn).
The total revenues earned by the Google services business in Q1 2022 were $61.47bn, compared to $51.2bn in Q1 2021.
Google Cloud earned revenues of $5.82bn for the reported quarter, an increase of 44% compared to $4.04bn in the corresponding period of 2021.
Alphabet and Google CEO Sundar Pichai said: “Q1 saw strong growth in Search and Cloud, in particular, which are both helping people and businesses as the digital transformation continues. We’ll keep investing in great products and services, and creating opportunities for partners and local communities around the world.”
Earlier this month, Pichai said that Google intends to invest nearly $9.5bn in its US offices and data centres in the current year. The investment is expected to create at least 12,000 new full-time jobs by the end of 2022.
Last month, the internet major entered into a $5.4bn deal to acquire American cybersecurity firm Mandiant. The deal is anticipated to be finalised later this year.