Alphabet’s first quarter 2019 financial results are in and the company made $36.3 billion USD (roughly $48 billion CAD), with most of this number coming from its advertising business.
Advertising-wise, the company earned $30.7 billion USD (roughly, $41 billion CAD) this quarter. That said, Alphabet’s other products like its Pixel smartphones and Google Home devices made around $5.4 billion (roughly, $7.2 billion CAD).
“We delivered robust growth led by mobile search, YouTube, and Cloud with Alphabet revenues of $36.3 billion, up 17 percent versus last year, or 19 percent on a constant currency basis,” said Ruth Porat, the chief financial officer of Alphabet and Google, in the company’s earnings report.
One of the more interesting pieces of information to come out of the earnings report is the amount of money Google spent on its ‘Other Bets’ division, which includes more experimental projects like Waymo and Loon. Other Bets incurred $868 million USD ($1.1 billion CAD) in losses, according to the earnings report.
Alphabet’s net income amounted to $6.6 billion USD (roughly, $8.8 billion CAD) although it would have been $8.3 billion USD (roughly, $11.1 billion CAD) had it not received a 1.7 billion USD (roughly, $2.2 billion CAD) in fines from the European Commission over abusive practices related to online advertising.