Alphabet, the parent company of Google, released its first quarterly report for 2023, revealing a slight increase in total revenue. The “Google Other” segment which includes sales of Google Pixel 7, 7 Pro, 6A and Watch saw revenue increase of 8.8% year over year.
Google’s CEO said the company was “pleased” with its first-quarter performance: Search performed well, while the cloud business gained momentum, bringing in an operating profit for the first time since the division’s inception.
YouTube is taking a hit from TikTok, but ad revenue on the video platform hit $6.69 billion, which is slightly higher than analyst expectations of $6.64 billion.
There were also layoffs, with 12,000 jobs (about 6% of the total workforce) cut in January, but Alphabet still had over 190,000 employees, up 16% from 163,000 at the end of January. -March 2022 .
Sundar Pichai said on the investor call that Alphabet will ramp up AI development with safeguards in place.
Shares of Alphabet rose 3% in after-hours trading as overall results beat expectations and the company announced a $70 billion share repurchase.
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