Google's parent Alphabet Inc. announced on Tuesday its revenue in the first quarter of the fiscal year 2023 observed an annual rise of 3% to reach $69.78 billion, beating expectations. The tech giant's operating income grew by 25% compared to the same trimester in 2022 to hit $17.41 billion. On the other hand, its net income declined by 8.43% year-on-year to land at $15 billion. Meanwhile, its diluted earnings per share (EPS) fell by 4.88% on an annual basis to come in at $1.17 per share.
"We are pleased with our business performance in the first quarter, with Search performing well and momentum in Cloud. We introduced important product updates anchored in deep computer science and AI [artificial intelligence]," Chief Executive Officer (CEO) Sundar Pichai said.
Following the release of the report, Alphabet's shares advanced by 4.45% in after-hours trading.
