Alphabet’s results exceed expectations during Q1, shares jump ‎‎5%‎

Alphabet’s stock rose during after-hours trading on Tuesday by about 5%, after the parent company of the electronic search engine Google announced strong business results in the first quarter of this year.

According to “CNBC”, Alphabet achieved quarterly profits of about $1.17 per share in the first quarter, compared to expectations that indicated earnings per share of $1.07 per share.

The US company’s revenues amounted to $ 69.79 billion, compared to expectations of $ 68.9 billion, supported by revenues from the company’s cloud computing unit.

Alphabet’s revenue from YouTube ads amounted to about $6.69 billion in the first quarter, compared to expectations of $6.6 billion, while Google Cloud’s cloud computing revenue was $7.45 billion, compared to expectations of $7.49 billion.

Google is making more profits because of the cloud computing unit, with which it competes with Amazon and Microsoft, as the operating income of Google Cloud reached $ 191 million in the first quarter, compared to losses of $ 706 million in the same period of 2022. ‏

Alphabet announced that its board of directors had recommended launching a $70 billion share buyback program.

As for Alphabet’s net income, it decreased to $15.05 billion in the first three months of 2023, compared to about $16.44 billion during the first quarter of last year.

Advertising revenue across Alphabet’s platforms exceeded analysts’ expectations, but was down from a year earlier, to $54.55 billion. Advertising revenue on YouTube remained in line with analyst expectations but was down from a year earlier

Search and other revenues via Google amounted to about 40.36 billion dollars, a slight increase from last year at 39.62 billion dollars.

It should be noted that the company recently announced the largest layoffs in its history, as it decided to lay off 12 One thousand employees make up 6% of its workforce.