Alphabet’s diluted earnings per share (EPS) in the reported first quarter ended 31 March 2023 were $1.17, a decrease of 4.87%, compared to $1.23 reported in the same quarter of 2022
Alphabet earns revenues of $69.78bn for Q1 2023. (Credit: David Shay/Wikimedia Commons)
Alphabet has reported a net income of $15.05bn for the first quarter of 2023, an 8.4% decrease compared to $16.43bn for the same quarter of the previous year.
In the previous quarter, that is Q4 2022, the parent company of Google posted a net income of $13.62bn.
Alphabet’s diluted earnings per share (EPS) in the reported first quarter ended 31 March 2023 were $1.17, a decrease of 4.87%, compared to $1.23 reported in the same quarter of 2022.
Its revenues for Q1 2023 were up by 2.6% to $69.78bn, compared to $68.01bn in Q1 2022. In Q4 2022, Alphabet’s revenues were $76.04bn.
Alphabet and Google CFO Ruth Porat said: “Resilience in Search and momentum in Cloud resulted in Q1 consolidated revenues of $69.8 billion, up 3% year over year, or up 6% in constant currency.
“We remain committed to delivering long-term growth and creating capacity to invest in our most compelling growth areas by re-engineering our cost base.”
Alphabet’s earnings from Google advertising business for Q1 2023 remained flat at around $54.54bn, a decrease of 0.2%, compared to $54.66bn in the same quarter of 2022. These include revenues from Google Search and others ($40.35bn), YouTube ads ($6.69bn), and Google Network ($7.49bn).
Besides, the total revenues earned by the Google services business in Q1 2023 remained flat at $61.96bn, a 0.79% decrease, compared to $61.47bn in Q1 2022.
Google Cloud earned revenues of $7.45bn for the reported quarter, an increase of 28% compared to $5.82bn in the corresponding period of 2022.
Alphabet and Google CEO Sundar Pichai said: “We are pleased with our business performance in the first quarter, with Search performing well and momentum in Cloud.
“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.”
Earlier this year, Alphabet announced its decision to execute layoffs to reduce the tech major’s workforce by nearly 12,000 employees.