Alphabet, the parent company of Google, has just posted their first quarter 2017 results and they are nothing short of breathtaking. The company’s revenue was $24.75 billion in the quarter, up 22% from the same period last year, and beat all expectations. Operating income increased to $6.58 billion, up from the $5.3 billion for the previous year. Netted out, the company made $5.4 billion in net income for the quarter.
Digging further, advertising revenues were up for the company in the quarter. They rose to $21.4 billion while the Other Revenue for the company grew by $1 billion to $3.0 billion. The Other Revenue section of the financial report as this is where hardware sales (Google Pixel, Google Home, Chromecast) are lumped together with things such as enterprise sales. An increase here is a good reflection on how those business units are doing overall.
On the advertising front, Aggregated Paid Clicks were up 2% over the previous year while the cost of those clicks were down 4%. Paid Clicks on Google properties also increased by 1% while clicks on network member sites increased 6%.
Finally, the Other Bets section continued to lose money for the company overall. The losses, however, dropped to $855 million for the quarter. That is down from the $1 billion in losses in the previous year. Equally good news, the revenue for the the Other Bets was up to $244 million.
You can read all the gritty details on the Alphabet Investor site.