Google and its partner company, Alphabet, are doing incredibly well business-wise. Financial results for the first quarter of the year have been reported, and the numbers are incredible. Google earned close to 18 billion dollars in only three months.
Google earned almost 18 billion dollars in three months, which is a huge improvement for the company
Alphabet, Google’s parent company, marked a net profit of 17.93 billion dollars. For comparison’s sake, in the same period last year, the net profit was 6.84 billion dollars. So, the company earned almost three times as much this year.
The company’s revenue for the first quarter of this year was 55.31 billion dollars, which is a 34-percent increase compared to the same period last year. The company earned $26.29 per share, while it was expected to earn $15.82.
Ads on Google Search & YouTube are the company’s top earners, by far
As expected, ads on Google Search and YouTube are the company’s bread and butter. The majority of the company’s profits came from there. Google Search brought in 31.9 billion dollars, 30.2-percent more than in Q1 2020.
YouTube ads, on the other hand, marked a raise to 6.005 billion dollars from 4.04 billion dollars in the same period last year. That increase marks a 48.6-percent improvement for the company.
Even the revenue from Google Cloud jumped from 2.77 billion to 4.05 billion. To make things even better, Google also hired quite a few people, it hired almost 17,000 new employees across the world.
Needless to say, these are some great numbers for the company. Google / Alphabet beat the estimates, and by a huge marking at that. These profit increases are astonishing.
It remains to be seen what will happen by the end of 2021, but if Google manages to keep this pace, we’re looking at record-breaking profits for sure. The company went above and beyond expectations in the first three months of this year.