Google parent company Alphabet released its earnings for the first quarter of 2018, on April 23rd, 2018.
Alphabet generated approximately $31.15 billion USD (roughly 40.03 billion CAD), representing a 26 percent increase when compared to Q1 2017.
“Our ongoing strong revenue growth reflects our momentum globally, up 26 percent versus the first quarter of 2017 and 23 percent on a constant currency basis to $31.1 billion,” said Ruth Porat, CFO of Alphabet and Google, in a April 23rd, 2018 media release. “We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence.”
It’s important to note that Google’s consolidation of Nest’s hardware team means that Nest’s financials have also been included in Google’s overall earnings.
“In 2017, they sold more devices than the previous two years combined,” said Sundar Pichai, Alphabet’s CEO, during the company’s April 23rd, 2018 investors’ call. “They are an incredibly talented team with fantastic momentum.”
Google properties — including Nest — generated approximately $22.00 billion USD (roughly $28.27 billion CAD), compared to the $17.40 billion USD generated by Google at the end of Q1 2017.
According to Alphabet’s Q1 2018 earnings report, the company currently employs 85,050 people — an increase from Q1 2017’s 73,992 employees.
Google’s stock currently sits at $1,073.81 USD (roughly $1,379.79 CAD).