Google parent company Alphabet announced its fiscal first quarter 2023 earnings for the period ending March 31, 2023. Revenue was higher than analysts’ expectations of $68.9 billion. According to CNBC.
Operating income was $17.415 billion for the quarter, down from the $20.094 billion number a year ago. Net income was $15.051 billion for Q1 2023, compared to $16.436 billion a year ago.
Alphabet’s numbers include $2.6 billion in one-time charges related to its recent layoffs and reduced office space. It also included a $988 million reduction in depreciation expense, due to changes that extended the expected life of its server hardware.
Overall, Google Search generated a total of $40.359 billion in revenue this quarter, up from $39.618 billion in the same period in 2022. First. The division’s operating income was $191 million, the first time the cloud business turned a profit in a fiscal quarter.
Alphabet’s stock price soared. 3.25 percent In after-hours trading after the news.