Alphabet, the parent company of search engine giant Google, saw substantial growth in revenues in the first quarter of 2021.
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Alphabet Inc., the parent company of search engine Google, announced record profits in its latest financial results for the first quarter ending March 31.
The company reported a net income of $17.93 billion — a huge jump from the $6.84 billion it had reported around the same time last year. Alphabet also saw a 34% increase in its revenues year over year, from $41.2 billion to $55.3 billion.
Google search accounted for a majority of the revenues, making up $31.9 billion in sales in the first quarter. During the first quarter of last year, search made $24.5 billion in sales.
“Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained,” Alphabet CEO Sundar Pichai said in a statement. “We’ve continued our focus on delivering trusted services to help people around the world.”
YouTube ad sales jumped 49% year over year to $6 billion in the first quarter of 2021, according to the company’s recent financial results. In total, Google advertising (including search and YouTube ads) made $44.7 billion in sales, comprising more than 80% of Alphabet’s revenues.
Ruth Porat, CFO of Alphabet, added that, “Total revenues of $55.3 billion in the first quarter reflect elevated consumer activity online and broad based growth in advertiser revenue.”