Alphabet today announced Q1 2020 earnings with $41.16 billion in revenue. These numbers range from January to March, and includes the impact of COVID-19.

Revenue is up 13% from $36.34 billion in Q1 2019, with operating income at $7.98 billion and net income of $6.84 billion for this quarter. For comparison, Alphabet reported $46.07 billion in revenue and $10.67 billion in net income last quarter. The stock is up around 4% in after-hours trading.

“Given the depth of the challenges so many are facing, it’s a huge privilege to be able to help at this time,” said Sundar Pichai, Chief Executive Officer of Alphabet and Google. “People are relying on Google’s services more than ever and we’ve marshalled our resources and product development in this urgent moment.”

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

Porat identified a “significant slowdown in ad revenues” last month. Google has taken moves to conserve resources in recent weeks, including slashing marketing budgets and halting most hiring:

“Performance was strong during the first two months of the quarter, but then in March we experienced a significant slowdown in ad revenues. We are sharpening our focus on executing more efficiently, while continuing to invest in our long-term opportunities.”

Following last quarter’s decision to to provide granular earnings data, YouTube ad revenue was $4.04 billion, while Cloud reported $2.78 billion in Q1 2020.

“Google other revenues” — which includes hardware, Play Store, and non-advertising YouTube revenues — reported $4.44 billion, compared to $3.62 billion the same quarter last year (now excluding Cloud).

The closely-watched “Other Bets” continues to lose money. It reported $135 million revenue primarily generated by Verily and Fiber from $172 million last quarter. However, it lost $1.12 billion compared to $868 million in Q1 2019.

As usual, Alphabet will hold its Q1 2020 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.

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