Alphabet (Google) reveals $76.54bn ad revenue, up on last year

Alphabet Inc, the parent company of Google, has today released its first-quarter results, with both profit and revenues missing Wall Street estimates, as revenue growth slows down.

Revenues for the quarter gained 23% to $68.01 billion (A$95.36 billion) from $55.31 billion (A$77.45 billion) last year. The company had reported a revenue growth of 34% growth in the first quarter of 2021 and 32% in the fourth-quarter of 2021.

Google advertising revenues rose to $54.66 billion (A$76.54 billion) from $44.68 billion (A$62.56 billion) last year, as YouTube ad and Google Search revenues increased. Google Cloud revenues rose to $5.82 billion (A$8.15 billion) from $4.05 billion (A$5.67 billion) last year.

As of the end of the fourth quarter of 2021, Google Cloud had an estimated 9% of the global cloud market, ranking it third behind Microsoft Corporation’s (MSFT) Azure and top-ranked Amazon.com, Inc.’s (AMZN) Amazon Web Services.

Shares of the company slipped over 4% in the extended trading session. Alphabet reported first-quarter profit of $16.44 billion (A$23.01 billion) or US$24.62 per share, a drop from last year’s profit of $17.93 billion (A$25.1 billion) or US$26.29 per share.

Google March quarter results [click to enlarge]

Alphabet and Google CEO, Sundar Pichai, added: “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.”

Also released today was Microsoft’s last quarter earnings ended March 31, 2022, as compared to the corresponding period of last fiscal year.

The company saw growth and demand for Cloud Service continued to climb with the shift to remote work triggered by the pandemic.

Revenue was $49.4 billion (A$69.1 billion) and increased 18%. Operating income was $20.4 billion (A$28.5 billion) and increased 19%. Net income was $16.7 billion (A$23.3 billion) and increased 8% GAAP (up 13% non-GAAP). Diluted earnings per share was US$2.22 and increased 9% GAAP (up 14% non-GAAP)

GOOG closed today’s trading at US$2,390.12, down $74.88 or 3.04%, on the Nasdaq. The stock further slipped US$102.12 or 4.27% in the after-hours trading.

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Emma Shepherd

Emma Shepherd was the acting deputy editor at Mumbrella who has over seven years of print and digital experience in the industry and has previously worked as a reporter for media outlets Bauer Media (now Are Media), Yahoo Australia, and a content strategist and writer for various independent marketing agencies.

topics Alphabet Google Google Cloud March quarter Microsoft quarterly financials Ruth Porat Sundar Pichai

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