Google banks big in Alphabet’s post-pandemic-peak Q1 2021 earnings

Illustration by Alex Castro / The Verge

During the height of the pandemic last year, Google was the rare tech giant that actually saw a revenue decline — the first in the company’s history — but only by 2 percent. To say Google has now recovered would be the understatement of the week: Alphabet’s just-released Q1 2021 earnings show it raking in a stunning amount of cash this spring, nearly as high as the all-time record revenues and profit it set last quarter.

Alphabet’s filing (PDF) shows revenues of $55.3 billion, nearly as much as the $56.9 billion it pulled in Q4 2020, alongside $17.9 billion in profit compared to $10.7 billion. That’s also 34 percent more revenue year over year, though that’s admittedly comparing to March 2020 when the effects of some pandemic shutdowns may have been included in the results.

Alphabet’s all-important Google Cloud business does still seem to be losing money — last quarter, it broke out Google Cloud sales for the first time ever to reveal an eye-watering $5.6 billion loss in 2020. But the bleeding has slowed, with the company losing less than a billion dollars ($974M, to be precise) on over $4 billion in revenue — each prior reported quarter saw over a billion in losses after pulling in under $4B, so those are both improvements.

Developing… we’ll be updating this story with more info from Alphabet / Google’s earnings release and the investor conference call at 5PM ET.

Author: Sean Hollister

Source: Sean Hollister.” Google banks big in Alphabet’s post-pandemic-peak Q1 2021 earnings”. Retrieved From https://www.theverge.com/22404046/google-alphabet-q1-2021-earnings

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