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A alphabetparent company Google, published financial results for the first quarter of 2023. Despite an 8.4% year-on-year drop in net income, revenue rose 2.6% year-on-year to $69.8 billion.
A alphabetparent company Google, published financial results for the first quarter of 2023. Despite an 8.4% year-on-year drop in net income, revenue rose 2.6% year-on-year to $69.8 billion.
Sundar Pichai is one of the highest paid CEOs in the US, with a large shareholding
Google’s advertising revenue, the largest share of the company’s revenue, was $54.5 billion, almost unchanged from the same period last year of $54.7 billion. Alphabet CEO, Sundar Pichaiattributed the revenue growth to the good performance of the Google search engine and growth Google Cloud.
ABOUT Google Cloud, the company’s cloud computing service, posted strong quarter-on-quarter growth with revenue of $7.4 billion, up 27.6%. Google Cloud’s success is driven in part by partnerships with major companies such as Banco Itaú in Brazil and Renault in France, as well as investments in artificial intelligence and cutting-edge technology.
Meanwhile, Google Research 2% lead, sales of US$40.4 billion, and advertising by YouTube showed a 2.9% drop on revenue of $6.7 billion. Alphabet also said it spent $2 billion on severance pay and layoffs. In January of this year, the company announced that it intends to lay off about 12,000 employees, corresponding to 6% of its workforce.
Despite the drop in net profit, Alphabet is optimistic about the future and strives to continue to innovate and provide its users with the most relevant and useful results. Ruth PoratCFO of Google and Alphabet, reaffirmed the company’s commitment to building the capacity to invest in growth and deliver long-term growth for shareholders.
In addition, Alphabet has shown interest in diversifying its revenues by investing in new ventures such as Waymo, an autonomous car company, and health and technology-focused Verily. The company has also been looking to expand its presence in international markets such as India, where it recently launched the Google Shopping e-commerce platform.
In short, despite the challenges that emerged in the first quarter of 2023, Alphabet remains confident in its growth and innovation strategy to deliver value to its users and shareholders.
Mundo Conectado Deal Center: Selection of Discounts and Lowest Prices
Best deals on electronics, cell phones, TVs, soundbars, drones and more
Via: 9to5google Source: Google
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Source: Mundo Conectado
Donald Salinas is an experienced automobile journalist and writer for Div Bracket. He brings his readers the latest news and developments from the world of automobiles, offering a unique and knowledgeable perspective on the latest trends and innovations in the automotive industry.
