New York, April 26, (dpa/GNA) – Alphabet’s total revenue rose by 3% year-over-year to $69.8 billion in the first quarter, despite the slow down in digital ad spending hitting its Google unit.
The group’s earnings were boosted by strong momentum in its cloud computing division.
Google’s advertising sales came in at $54.5 billion, slightly below the same period a year ago. At the Google-owned platform YouTube, advertising revenues fell from $6.87 billion to $6.69 billion.
Alphabet’s net profit in the quarter was just over $15 billion, an 8.4% decline from the same period a year ago. The downturn was in part due to more than $2 billion in charges related layoffs and office space reductions.
Shares rose by almost 4% in after-hours trading on Tuesday after Alphabet announced a share buyback plan of up to $70 billion.
GNA