In its most recent financial reports for the first quarter ended March 31, Alphabet Inc. The parent company of search engine Google, posted record income.
The company posted a net income of $17.93 billion, up significantly from $6.84 billion at the same time last year. Alphabet also saw a 34% rise in sales from $41.2 billion to $55.3 billion in the same period last year.
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The first quarter’s revenues were $31.9 billion, with Google search accounting for the bulk of them. Search produced $24.5 billion in revenue in the first quarter of last year.
“Over the last year, people have turned to Google Search and many online services to stay updated, linked, and entertained.”In a quote, Alphabet CEO Sundar Pichai said. “We’ve maintained our commitment to providing dependable services to people all over the world.”
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According to the company’s most recent financial report, YouTube ad revenues increased by 49% year over year to $6 billion in the first quarter of 2021. Google advertisements (which includes search and YouTube ads) accounted for $44.7 billion in revenue, accounting for more than 80% of Alphabet’s overall revenue.
“Total revenues of $55.3 billion in the first quarter represent elevated customer interest online and broad-based growth in advertiser sales,” said Ruth Porat, Alphabet’s chief financial officer.
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