Google’s parent company beat financial expectations for the first quarter of the year, reporting revenue of $24.75 billion for the first three months, up from $20.26 billion during the same period in 2016.
Alphabet Inc. today said Google’s advertising revenues totaled $21.4 billion in the first quarter, up from $18 billion in the first quarter of 2016. Aggregate paid clicks increased 2 percent, while paid clicks on Google properties jumped just 1 percent. Aggregate cost per click fell 4 percent. Alphabet said the increase in paid clicks and the decrease in cost per click was a result of changes to the company’s methodology, which now includes additional categories of TrueView engagement ads.
“Our excellent results represent a terrific start to 2017, with revenues up 22 percent versus the first quarter of 2016 and 24 percent on a constant currency basis,” Alphabet CFO Ruth Porat said in a statement. “We clearly continue to benefit from our ongoing investments in product innovation and have great momentum in our new businesses across Alphabet.”
In addition to revenue from Google, Alphabet reported higher revenue from what it calls “other bets,” including ambitious projects it’s working on in other parts of the business such as self-driving cars.