Shulou(Shulou.com)11/24 Report--

Beijing, April 26 (Xinhua)-- Google parent company Alphabet (NASDAQ: GOOG, GOOGL) today released unaudited results for the first quarter of fiscal year 2023 ended March 31. Alphabet's revenue in the first quarter was $69.787 billion, up 3 per cent from $68.011 billion a year earlier and 6 per cent at a fixed exchange rate, while net profit was $15.051 billion, down 8 per cent from $16.436 billion a year earlier, according to the report.

Google's Alphabet announced a $70 billion share buyback as first-quarter revenue beat expectations, pushing its shares up more than 4 per cent in after-hours trading.

Stock price performance:

Alphabet shares rose after hours 4.11%Alphabet Class A shares (GOOGL) opened at $105.82 on the Nasdaq Stock Exchange on Tuesday. As of Tuesday's close, Alphabet shares were down $2.12, or 2.00%, at $103.85. Alphabet shares rose $4.27, or 4.11%, to $108.12 as of 17:22 et on Tuesday (5:22 on Wednesday, Beijing time). Over the past 52 weeks, Alphabet shares have traded as high as $122.85 and as low as $83.34.

First quarter results highlights:-- revenue was $69.787 billion, up 3% from $68.011 billion in the same period last year, and 6% year-on-year at fixed exchange rates

Total advertising revenue was $54.548 billion, roughly the same as $54.661 billion in the same period last year.

Google's cloud revenue was $7.454 billion, up 28% from $5.821 billion in the same period last year.

Revenue from other businesses (Other Bets) was $288 million, down 35% from $440 million in the same period last year

-- Traffic acquisition cost (TAC) was $11.721 billion, down 2 per cent from $11.99 billion in the same period last year

-- operating profit was $17.415 billion, down 13% from $20.094 billion in the same period last year, and operating profit margin was 25%, down 5% from 30% in the same period last year.

-- net profit was $15.051 billion, down 8 per cent from $16.436 billion in the same period last year

Diluted earnings per share were $1.17, down 5% from $1.23 a year earlier.

As of March 31, 2023, Alphabet had 190711 employees, compared with 163906 in the same period last year, including most of the employees affected by layoffs. Most of the affected employees will not be reflected in the total number of employees until the end of the second quarter of this year, Alphabet said.

Buy back $70 billion of shares Alphabet announced that on April 19, 2023, the Board authorized the Company to repurchase up to $70 billion of Class An and C shares in a manner deemed to be in the best interests of the Company and its shareholders. Buybacks will take into account economic costs and current market conditions, including the relative trading prices and volumes of Class An and Class C stocks. Alphabet expects buybacks to be carried out from time to time, depending on general business, market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through 10b5-1 rule plans.

Executive comments: Alphabet CEO Sandal Pichai (Sundar Pichai) said: "We are satisfied with the business performance in the first quarter, search business performance is good, cloud business development momentum is strong." We have launched important product updates based on in-depth computer science and artificial intelligence. Our Polaris is providing our users with the most helpful answers, and we see great opportunities in the future to continue our long-term innovation record. "

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