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Google’s parent grew its revenue by 26 percent to just over $31 billion during the first quarter of 2018, the company disclosed Monday.
Alphabet — which owns both Google and a series of future-looking businesses such as Nest and Google Fiber dubbed “Other Bets” — is the first advertising-driven technology company to report earnings amid the Cambridge Analytica scandal that has rocked Facebook.
The company’s quarter ended a few days before the Cambridge Analytica news broke, however, so it won’t have affected the numbers now being reported. But analysts will be watching for any color that executives, including Google CEO Sundar Pichai, share about privacy concerns or potential impending government regulation during their call with investors.
The very public struggles that YouTube has been facing to keep advertisers happy, meanwhile, don’t show up in the Alphabet earnings, either, since the company does not break out revenue or income generated from the world’s biggest video streaming platform.
Net revenue minus traffic acquisition costs was up just slightly to $24.8 billion, beating analysts’ expectations. Earnings per share were $13.33, well above the $9.30 that Wall Street was expecting.
Alphabet shares were trading mostly flat immediately following the earnings report. Shares closed the day down less than 1 percent to $1,067.45.
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