Kicking of the year, Alphabet has just reported its Q1 2018 results, with earnings of $31.1 billion — up 26% from the same quarter last year. These numbers range from January to March and beat analyst expectations, with the stock up nearly 1.7% in after-hour trading.

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Revenue is up 26% from $24.7 billion in Q1 2017, with net income at $9.4 billion for this quarter. For comparison, Alphabet reported $23.3 billion in revenue and a $3 billion loss in net income last quarter due to the U.S. tax bill.

“We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence,” said Alphabet CFO Ruth Porat.

Stock is now up 1.7% in after hour trading primarily due to Alphabet reporting earnings per share at $9.93 versus an estimated $9.27.

This quarter is notable for some changes to how Alphabet reports it earnings, starting with Nest folded back into Google and no longer being considered a separate subsidiary. Alphabet re-reported the “Other Bets” category Nest was a part of in 2017 to reflect the absence of the smart home division.

Financially, Nest results will now be included in Google’s “Other revenues” that includes the rest of hardware, Play Store, and enterprise efforts. This quarter it made $4.3 billion, compared to $3.2 billion the same quarter last year. Meanwhile, given the financial changes we can determine that Nest made roughly $726 million in revenue in 2017.

The are also changes to equity security investments are accounted for which translates to Alphabet’s investments in both publicly traded and privately held companies. Lastly, how revenue from third-party sites is reported was also changed.

The much-analyzed “Other Bets” continues to lose money, but is slowly increasing revenue. It reported $150 million revenue primarily generated by Verily and Fiber, with operating loss up to $571 million from $748 million (recast) in the previous quarter.

As usual, Alphabet will hold an earnings call with investors and members of the press to further break down numbers from its Q1 2018 earnings release. You can follow along via the livestream below and we’ll have coverage of any notable tidbits the company reveals.

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