Google has this morning released their Q1 earnings report for 2018, and the news is good for the company with revenue up year over year.
In the report, Alphabet reports that they generated $31.15 billion in revenue during the first quarter of 2018, with a net income of $7 billion. The results are good for Google, with the share price rising 0.29% to $1,072.50 per share in after hours trading.
Ruth Porat, CFO of Alphabet and Google said of the report:
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. We have a clear set of exciting opportunities ahead, and our strong
growth enables us to invest in them with confidence.
One interesting note is that due to the Nest team joining the Google hardware team, the Nest financial reports have been amalgamated into the Google segment. Nest revenues will now be a part of Google’s ‘other revenues’.
Google currently has 85,050 staff in their offices around the world, another increase for the company.
Google’s ‘other bets’ has not made a profit again this quarter, though they are slowly generating more income.
Alphabet will of course be holding an earnings call, with CFO Ruth Porat and Google CEO Sundar Pichai which you’ll be able to view here as of 6:30am AEST: