Alphabet posted its 2017 first quarter earnings on April 27th, reporting better-than-expected earnings and revenue in the face of an advertiser boycott that arose in March due to reports that its video platform YouTube was showing brands’ ads with racist or otherwise objectionable videos.
Within Alphabet, Google’s revenue (sourced from search ads, display ads and YouTube ads, among other things), jumped 22 percent from the same period during the previous year to $24.75 billion USD. Net profit was $5.42 billion, a 29 percent increase from the same period in 2016.
Google’s strong earnings caused the company’s shares to rise over four percent after hours.
Alphabet’s other financials, named “Other Bets,” brought in $244 million in revenue — a 48 percent increase from the same period last year, but still leaving Alphabet with an $855 million loss. This isn’t surprising considering Other Bets is comprised of evolving ‘moon shot’ technologies like self-driving cars, smart home technology and health data project Verily.
Alphabet’s chief financial officer Ruth Porat re-asserted the company’s commitment to Other Bets, however.
“We clearly continue to benefit from our ongoing investments in product innovation and have great momentum in our new businesses across Alphabet,” Porat said in a statement.