Alphabet has just published Q1 2017 earnings of $24.75 billion, up 22% from the same quarter last year. These numbers cover the first three months of the year and beat analyst expectations, with the stock up 4% in after-hours trading.
Revenue is up 22% from $20.25 billion in Q1 2016, with net income at $5.42 billion for this quarter. For comparison, Alphabet reported $26 billion in revenue and $5.3 billion in net income last quarter.
Hardware sales of the Google Pixel and Home are grouped together with the Play Store, enterprise efforts, and more in “Other Revenues.” This quarter it is at $3 billion, compared to $2 billion the same quarter last year, but lower than the $3.4 billion from the last quarter that included the holiday season.
CFO Ruth Porat notes a “benefit from our ongoing investments in product innovation and have great momentum in our new businesses across Alphabet.”
The much-analyzed “Other Bets” continues to lose money, but is slowly increasing revenue. It reported $244 million revenue primarily generated by Nest, Verily, and Fiber, with operating loss down to $855 million from $1 billion in the previous quarter.
Earlier today, Larry Page published a founders’ letter for 2016 discussing Alphabet’s progress.
As usual, Alphabet will hold an earnings call with investors and members of the press to further break down numbers from its Q1 2017 earnings release. You can follow along via the livestream below and we’ll have coverage of any notable tidbits the company reveals.