Cloud services swept Alphabet − The stock rises in the secondary market

Internet company Alphabetin the turnover for the first quarter of the year increased to 109.9 billion dollars from 9 0.2 billion dollars in the previous year. Operating profit increased to $39.7 billion from $30.6 billion.

The consensus expectation of 62 analysts gathered by Tietopalvelu Factset for January-March was 107.4 billion dollars in revenue and 36.3 billion dollars in operating profit.

The company doubled its investment from last year’s 17.2 billion dollars to 35.7 billion dollars.

CEO of Alphabet Sundar Pichain according to users’ artificial intelligence experiences are increasing usage and search queries are at an all-time high, and the order book almost doubled from the previous quarter to more than 460 billion dollars.

“This was the best quarter for our consumer AI subscriptions. The Gemini app was the driving force. The total number of paying subscriptions has risen to 350 million, and the key growth drivers are YouTube and Google One,” Pichai says in the release.

The company reported its results after the Wall Street markets closed. In the secondary market, the company’s share was up 3.7 percent.

The turnover of the company’s Google Cloud services increased by 63 percent to 20.0 billion dollars. According to the news service CNBC, the revenue was expected to be 18.1 billion dollars. The video service Youtube’s advertising revenue was 9.9 billion dollars, while the expectation was 10.0 billion dollars.