Google parent firm Alphabet reports strong financial results
Revenue and income are up for the technology giant.
Google’s parent company Alphabet has reported a more than 20% increase in revenue in the company’s latest financial results.
The technology giant’s newly released quarterly figures show a revenue rise of 31.1 billion dollars (£22.3bn), up 26% on the same period last year.
The strong figures were also supported by a net income rise of almost four billion dollars to more than 9.4 billion dollars (£6.7bn), on the same three months in 2017 – a leap of almost 73%.
Analysts attributed it to an increase in profits from internet advertising.
Google continues to generate the vast majority of Alphabet’s revenue and income – 30.9 billion (£22.1bn) of the 31.1 billion revenue came from Google’s portion of the business, which includes the search engine, as well as hardware such as the Pixel smartphone and Google Home line of smart speakers.
Alphabet chief financial officer Ruth Porat said of the results: “Our ongoing strong revenue growth reflects our momentum globally, up 26% versus the first quarter of 2017 and 23% on a constant currency basis to 31.1 billion dollars.
“We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence.”
Google is due to hold its annual developer conference, I/O, in May, where the firm is expected to reveal the next version of its Android mobile operating system, the most widely used OS globally, and could also announce new features for its Home smart speakers line.
Elsewhere in the results, the so-called ‘Other Bets’ segment of the company, which refers to Alphabet’s more futuristic projects – including the Waymo driverless car business – also reported some growth, its revenue rising from 132 million (£94.6m) to 150 million dollars (£107.5m).