Alphabet Inc.'s first-quarter 2022 report said that the company's Q1 revenue grew by 23% to $68 billion.
Increased competition from TikTok saw YouTube's growth slow down this quarter to 20% from 30% registered last year. While YouTube is looking to offset the competition with its Shorts offering, its parent company saw its net profits drop due to increased expenses.
Google's Q1 revenue net profit dropped to $16.4 billion compared to 2021's $17.9 billion, even as revenue was up 23%. Expenditures such as research and development cost the company $9.1 billion in Q1 2022 compared to $7.485 billion in Q1 2021.
Revenue from Google's search business was $39 billion in Q1 2022, while revenue from Google's entire advertising business, including Search, YouTube, and its ad network, was $54 billion. Alphabet CEO Sundar Pichai said, "Q1 saw strong growth in Search and Cloud, in particular, which are both helping people and businesses as the digital transformation continues."
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