Alphabet today announced Q1 2021 earnings with $55.3 billion in revenue. These numbers range from January to March, and reflect an increasing return to normal in some industries.

Revenue is up 34% from $41.2 billion in Q1 2020, with operating income at $16.4 billion and net income of $17.9 billion for this quarter. For comparison, Alphabet reported $56.9 billion in revenue and $15.2 billion in net income last quarter over the holidays. The stock peaked at around 4.67% in after-hours trading after beating some revenue estimates by almost $4 billion.

“Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained. We’ve continued our focus on delivering trusted services to help people around the world. Our Cloud services are helping businesses, big and small, accelerate their digital transformations.”

Sundar Pichai, CEO of Google and Alphabet

“Total revenues of $55.3 billion in the first quarter reflect elevated consumer activity online and broad based growth in advertiser revenue. We’re very pleased with the ongoing momentum in Google Cloud, with revenues of $4.0 billion in the quarter reflecting strength and opportunity in both GCP and Workspace.”

Ruth Porat, CFO of Google and Alphabet

In Q1 2021, YouTube ad revenue was $6 billion (versus $4.03 billion a year ago), while Cloud reported $4.05 billion (compared to $2.78 billion).

“Google other revenues” — which includes hardware, Play Store, and non-advertising YouTube revenues — reported $6.5 billion, compared to $4.4 billion the same quarter last year.

The closely-watched “Other Bets” continues to lose money. It reported $198 million revenue primarily generated by Verily and Fiber from $135 million in Q1 of 2020. However, it lost $1.15 billion compared to $1.12 billion in the same quarter of last year.

As usual, Alphabet will hold its Q1 2021 earnings call with investors and members of the press to further break down numbers from the 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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