The first time it has gone over $200 billion for a year was in 2001 and it has started off in the first quarter of 2022.
Its net profit dropped to $16.4 billion because of expenses up compared to last year. The cost of research and development went from $7.485 billion in the first quarter to $9.1 billion in the second.
The search business brought in $39 billion, up significantly from the first quarter of the year. In the first quarter alone, the overall advertising business pulled in $54 billion.
YouTube advertising revenue was up, reaching $6.86 billion, but it was slower growth than it has been in the last couple of years. It grew by 30 percent last year but only went up 20 percent this year as competition from TikTok continued to heat up. The growth of shorts for creators and viewers did not meet expectations, and the price of its shares dropped by about 7 percent after hours.
Google’s Q1 revenue:
— Jon Erlichman (@JonErlichman) April 26, 2022
2022: $68.0 billion
2021: $55.3 billion
2020: $41.2 billion
2019: $36.3 billion
2018: $31.1 billion
2017: $24.8 billion
2016: $20.3 billion
2015: $17.3 billion
2014: $15.4 billion
2013: $12.9 billion
2012: $10.6 billion
2011: $8.6 billion
2010: $6.8 billion
In an accompanying statement, Pichai said that the first quarter saw strong growth in Search and Cloud, which are both helping people and businesses as the digital transformation continues. We will continue to invest in great products and services and create opportunities for partners and local communities around the world.
On a call with investors, Pichai called out the investments in YouTube Shorts, where daily views have reached 30 billion, four times higher than a year ago, and that the company is focusing on building a great experience first. He brought up plans for a redesign of the site that will give viewers more controls and the ability to comment while watching on a connected TV, as well as increased support for shorts.
Earlier this year, Neal Mohan went into more detail about the upcoming changes, as well as upgrades for the editing experience, and additional ways for creators to make money from Shorts, with Superchats, branded content, and eventually, shopping from Shorts. He will talk about his plans on The Vergecast with Nilay Patel and Catie Keck.
As time spent on YouTube shorts increased, the company expected growth, according to CFO Ruth Porat. We didn't hear anyone say the word, but it was obvious.
It's hard to tell how well hardware products are doing when you look at the way the company reports earnings. All of the hardware initiatives of the company are included as a subcategory of the overall services of the company. The category pulled in about $400 million more than last year.
Revenue from the Media CDN, which is based on the same infrastructure as the one that carries the videos on YouTube, is up to $5.8 billion, compared to $4 billion last year.
The Other Bets, which include self-driving company Waymo, health company Verily, and Google Fiber, brought in $440 million in revenue, more than double what it reported.
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