Alphabet today announced Q1 2022 earnings with $68.01 billion in revenue. These numbers range from January to March, and kick off the company’s fiscal year.
Revenue is up 23% from $55.3 billion in Q1 2021, with operating income at $20.09 billion and net income of $16.44 billion for this quarter (versus $17.93 billion a year ago). For comparison, Alphabet reported $75.3 billion in revenue and $20.64 billion in net income last quarter for the holiday period.
“Q1 saw strong growth in Search and Cloud, in particular, which are both helping people and businesses as the digital transformation continues. We’ll keep investing in great products and services, and creating opportunities for partners and local communities around the world.”
Sundar Pichai, CEO of Google and Alphabet
“We are pleased with Q1 revenue growth of 23% year over year. We continue to make considered investments in Capex, R&D and talent to support long-term value creation for all stakeholders.”
Ruth Porat, CFO of Google and Alphabet
Alphabet also announced a $70 billion stock buyback of Class A and Class C shares.
In Q1 2022, YouTube ad revenue was $6.87 billion (versus $6 billion a year ago), while Cloud reported $5.82 billion (compared to $4.05 billion in Q1 2021).
“Google other revenues” — which includes hardware, Play Store, and non-advertising YouTube revenues — reported $6.82 billion, compared to $6.49 billion the same quarter last year.
“Other Bets” continues to lose money. However, it surprisingly reported $440 million revenue from $198 million in Q1 of 2021. However, it lost $1.16 billion compared to $1.15 billion in the same quarter of last year.
As usual, Alphabet will hold its Q1 2022 earnings call with investors 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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