The $ 68 billion figure represents a 23% year-over-year improvement
Every time we hear about Google facing a small battle here or there – perhaps that Pixel 6, despite initial reports of strong sales, is facing an uphill battle with airlines – it’s important to keep in mind that even a project as large as this is just a drop in the bucket when you think of all the company’s investments. So it should come as no shock that Google, despite some minor setbacks, has done incredibly well for itself, and this afternoon, parent company Alphabet announces a first quarter 2022 revenue of a total of $ 68 billion.
That’s a 23% increase over the $ 55 billion brought in during the first quarter of 2021, and even though the comparable growth rate is declining, it’s still an impressive flood mark.
Of its many ventures, Google mentions Search and Cloud as some of the biggest drivers of growth. Search revenue has hit $ 39.6 billion, an increase of 24% year-over-year, while Cloud revenue has increased a staggering 43% year-over-year, generating $ 5.8 billion.
In its earnings call, Google began to go into a little more detail talking about the trends behind the recent growth. CBO Philipp Schindler identified travel searches as an area where Google is looking to return from its pandemic hit. He also points to new features like Len’s multisearch, which help contribute to Google’s search ad revenue, though we’re probably not seeing any actual results from it yet.
YouTube is apparently still huge, and its advertising revenue is responsible for about $ 6.8 billion in revenue. The company sounds optimistic about Shorts, and specifically mentions the interest of advertisers, who now get about 30 million daily impressions.
Not all efforts are a money maker (at least not in the beginning), and volatile markets contributed to a $ 1.2 billion loss for the broadly categorized “Other Bets” – despite a $ 440 million revenue boost. Play revenue is getting a bit of a hit thanks to ongoing efforts to reshape its revenue streams to appease developers and content creators – that being said, Google does not seem so concerned.
Finally, the company took the opportunity of this call for earnings to reiterate its continued support for the people of Ukraine in the face of Russian aggression.
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