Alphabet Inc., Google’s parent company, reported financial results for the first quarter ended March 31, 2018. Revenues of the company for the Q1 2018 were $31.1 billion, an increase of 25.8%, compared to $24.7 billion in Q1 2017. The company recorded net income of $9.4 billion in this quarter and made strong growth of 75%, compared to the net income of $5.4 billion in Q1 2017.
The financial results showed substantial growth across all segments and Google’s segment revenue was $30.9 billion in first quarter 2018, an increase of 25%, compared to $24.6 billion in the same period of 2017. Google’s advertising business revenue was $26.6 billion for Q1 2018, up by 24.4% year-over-year. The Google’s “other revenues” which include the cloud division, hardware sales such as smartphones and the Nest home automation product line increased to $4.3 billion in Q1 2018, an increase of 34%, compared to $3.2 billion in Q1 2017.
Google executives added that mobile search and strength in the YouTube video streaming business continued to drive the company’s growth.
