alphabet, the parent company of search engine Google, announced record results for the first quarter ended March 31 in its latest financial results.
The company posted net income of $ 17.93 billion, a huge jump from the $ 6.84 billion it reported around the same time last year. Alphabet’s revenue grew 34% year over year from $ 41.2 billion to $ 55.3 billion.
I’m looking for Google made up the bulk of its revenue, posting revenue of $ 31.9 billion in the first quarter. Search posted revenues of $ 24.5 billion in the first quarter of last year.
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“Over the past year, people have turned to Google search and many online services to stay informed, connected and entertained,” said Sundar Pichai, CEO of Alphabet, in a statement. “We continue to focus on providing reliable services to help people around the world.”
YouTube ad revenue increased 49% year over year to $ 6 billion in the first quarter of 2021, according to the company’s latest financial results. Overall, Google advertising (including YouTube and search ads) generated $ 44.7 billion in revenue, which is more than 80% of Alphabet’s revenue.
Alphabet CFO Ruth Porat added that “total first quarter revenue of $ 55.3 billion reflects high online consumer activity and broad ad revenue growth.”