Alphabet today announced Q1 2019 earnings to start the new year with revenue of $36.33 billion. It notably takes into account the $1.7 billion fine levied by the European Commission over Google AdSense violations. These numbers range from January to March, and did not meet analysis expectations with the stock down over 4% in after-hours trading.
Revenue is up 17% from $31.1 billion in Q1 2018, with net income at $6.6 billion for this quarter. For comparison, Alphabet reported $39.27 billion in revenue and a $8.94 billion in net income last quarter. Analyst for Q1 2019 were expecting $37.33B in revenue, leading to the current after-hours drop.
“We delivered robust growth led by mobile search, YouTube, and Cloud with Alphabet revenues of $36.3 billion, up 17% versus last year, or 19% on a constant currency basis,” said Ruth Porat, Chief Financial Officer of Alphabet and Google. “We remain focused on, and excited by, the significant growth opportunities across our businesses.”
Other revenue — which includes hardware, Play Store, and Google Cloud enterprise efforts — reported $5.4 billion, compared to $4.3 billion the same quarter last year.
The much-analyzed “Other Bets” continues to lose money, but is slowly increasing revenue. It reported $170 million revenue primarily generated by Verily and Fiber, with operating loss down to $868 million from $1.3 billion 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 2019 earnings release. You can follow along via the livestream below and we’ll have coverage of any notable tidbits the company reveals.