Holding Alphabet, which includes several companies, including the search giant Google itself, reported to investors for the first quarter of 2021. It became one of the most successful quarters in history, surpassing the most optimistic analysts’ forecasts.
Alphabet’s revenue in the last quarter amounted to $ 55.31 billion instead of the expected $ 51.7 billion. Compared to the same period in 2020, the turnover of the parent company Google grew by a record 34%. Alphabet’s net income was $ 17.9 billion compared to $ 6.8 billion a year ago. In terms of per share, earnings were $ 26.29 instead of $ 15.82 expected by analysts.
Google cloud services brought the company revenue of $ 4.05 billion, and the holding earned another $ 6.01 billion from advertising on YouTube, which is 49% more year on year. In total, Google’s ad revenue in the first quarter of 2021 was $ 44.68 billion versus $ 33.76 billion a year ago.
By the way, at the height of the pandemic, YouTube became the most popular video platform. If in 2019 73% of the US adult population watched videos on YouTube, then in 2021 this figure reached 81%. And the short video service YouTube Shorts, a competitor to TikTok, is now gaining about 6.5 billion views per day, while in January this figure did not exceed 3.5 billion.
Summing up the quarterly financial report, the Alphabet board announced the start of additional share buybacks worth up to $ 50 billion. This, coupled with record financial performance, boosted Alphabet’s stock by 4%.
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