Google’s parent company, Alphabet’s Q1 2021 profit jumped by 162% to reach $17.9 billion, or $26.29 per share, beating estimates of $15.88 per share and topping its previous high of $15.2 billion in Q4 2020.
Google ad sales jumped 32% in the first quarter compared with a year ago, accounting for 81% of the company’s first-quarter revenue. Cloud sales increased by 45.7%. Google’s search business jumped by 30% to $31.9 billion in the quarter, while sales at YouTube leapt 49% to $6 billion.
Google Cloud reduced its operating loss by 44% to $974 million in the first quarter.
Alphabet’s overall quarterly sales rose 34% to $55.3 billion, above analysts’ estimate of 26% growth from a year ago and close to the $56.9 billion it reported in Q4 2020.
Alphabet is an American multinational conglomerate with headquarters in Mountain View, California. It was created through a corporate restructuring of Google on October 2, 2015, and became the Google’s parent company, alongside other former Google subsidiaries.
Some of the companies which Alphabet owns are Waymo, a self-driving car technology business and Verily, a health care software company. It is the world’s fifth-largest technology company by revenue and one of the world’s most valuable companies.