Alphabet Q1 report reveals increase in Google Pixel sales
Alphabet, the parent company of Google, posted its first quarterly report for 2023, revealing a slight increase in total revenue. The âGoogle otherâ segment that includes the Google Pixel 7, 7 Pro, 6A, and Watch sales, saw an 8.8% increase in revenue on a yearly basis.
Google CEO said the company is âpleasedâ with performance in Q1 - Search performed well, while the Cloud business gained momentum, bringing operating profit for the first time since the establishment of the division.
YouTube is taking a hit from TikTok, but ad revenue on the video platform reached $6.69 billion, which is slightly above analysts' expectations of $6.64 billion.
There were also layoffs, with 12,000 jobs (about 6% of the total workforce) cut in January, but Alphabet still reported over 190,000 employees, which is a 16% increase over the 163,000 number of people employed at the end of January-March 2022.
Sundar Pichai said during the investors' call that Alphabet will increase the development of AI with safeguards in place..
Alphabet shares rose 3% in after-hours trading as results overall exceeded expectations and the company announced a $70 billion share buyback.