Alphabet reports first-quarter revenue growth

Source: Xinhua| 2020-04-29 07:36:58|Editor: huaxia

SAN FRANCISCO, April 28 (Xinhua) -- Alphabet Inc. , Google's parent company, on Tuesday reported its first quarter revenue of nearly 41.2 billion U.S. dollars, up 13 percent as against the same period last year, beating analysts' expectation of 40.3 billion dollars.

The company announced financial results for the first quarter with net income of 6.84 billion U.S. dollars, or 9.87 dollars per share, compared with 6.66 billion dollars, or 9.50 dollars a share, in the same period of 2019.

"Our business, led by Search, YouTube, and Cloud, drove Alphabet revenues to 41.2 billion dollars, up 13 percent versus last year, or 15 percent on a constant currency basis," said Ruth Porat, Chief Financial Officer of Alphabet and Google.

Among the entire quarterly revenue of 41.16 billion US dollars, a total of 33.76 billion dollars came from advertising, according to the company's financial report.

The report also showed that the sales from Google Cloud and YouTube continued to increase. YouTube ad revenue increased 33 percent to 4.04 billion dollars from last year's 3.03 billion dollars, while Google Cloud sales grew 52 percent to 2.78 billion dollars from 1.83 billion dollars.

"Performance was strong during the first two months of the quarter, but then in March we experienced a significant slowdown in ad revenues," said Porat.

"We are sharpening our focus on executing more efficiently while continuing to invest in our long-term opportunities," she added. Enditem