Google’s parent company Alphabet grew revenue by just 3 percent for the first quarter of fiscal 2023.


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.


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