Google's Corporate Parent Posts 1Q with Steady Growth Amid Inflation

The article discusses Alphabet Inc.’s (Google’s corporate parent) first-quarter financial results, which showed steady growth despite inflationary pressures. Key points include: Alphabet reported revenue of $68 billion, a 23% increase from the same period last year, driven by strong demand for digital ads on Google Search and YouTube. Profit rose 8% to $16.4 billion. The company faced challenges from a slowing economy, increased competition, and privacy changes affecting its ability to track users for ad sales. However, Alphabet’s cloud computing business grew 44% to $5.8 billion in revenue. The company’s CEO, Sundar Pichai, emphasized the importance of being “healthy” during economic difficulties and focusing on AI development. Alphabet’s share buyback program was increased by $70 billion. The results suggest Alphabet’s digital advertising business remains resilient despite economic headwinds.

Source: https://abcnews.go.com/US/wireStory/googles-corporate-parent-posts-quarter-steady-growth-amid-112210091