Google Parent Alphabet Reports 12% Increase in Revenue
Google’s parent company, which is battling the government to stay intact after losing two antitrust cases, also said quarterly profit rose 46 percent.
Google’s parent company, which is battling the government to stay intact after losing two antitrust cases, also said quarterly profit rose 46 percent.
Google might be threatened with a breakup after losing two antitrust cases, but in the meantime it can console itself with piles of money.
Alphabet, Google’s parent company, posted results on Thursday that included a large jump in profit. Net income for the first quarter was $34.54 billion, up from $23.66 billion a year earlier.
Much of that increase, however, stemmed from equity investments, not operations. It’s still money, but less exciting to investors and analysts. Google shares rose modestly in trading after the news was released.
Revenue was $90.23 billion for the quarter, up 12 percent from a year earlier. That was slightly better than the consensus forecast of $89.15 billion. Income from operations rose 20 percent, better than expected.
Sundar Pichai, Google’s chief executive, said in a statement that the results “reflect healthy growth and momentum across the business.” When he and other executives were questioned in a conference call about how the potentially much rockier second quarter was going, they said it was too soon to tell.
The Mountain View, Calif., company also said it was authorizing a $70 billion stock buyback and raising its dividend 5 percent. Google introduced a dividend last year.
