Alphabet CEO touts results of corporate restructuring

Google CEO Sundar Pichai speaks during the presentation of new Google hardware in San Francisco California US

"Our excellent results represent a terrific start to 2017, with revenues up 22 per cent versus the first quarter of 2016 and 24 per cent on a constant currency basis". CFO Ruth Porat said YouTube's revenues were growing "at a significant rate".

Google's revenues from hardware and cloud services which is categorised under "other revenues" stood at Dollars 3.1 billion in the last quarter which is nearly double when compared to the same period, the previous year.

Under Pichai's leadership and keen eye, Google has boosted sales from its core advertising and YouTube business, while also investing in machine learning, hardware and cloud computing.

Google forms the largest part of Alphabet's business, with much of the rest of the company comprising of so-called Other Bets, which includes its more ambitious projects, such as its driverless vehicle technology business and smart thermostat firm Nest.

Page also congratulates a couple of new CEO's under the Alphabet umbrella, which includes Marwan Fawaz, who became the CEO of Nest previous year, after Tony Fadell left the company. "This change resulted in a modest increase in paid clicks and a modest decrease in cost-per-click".

What a difference a year makes in Google-parent Alphabet's (GOOGL) earnings when it comes to traffic-cost angst.

Alphabet reported Q1 revenue of $24.75 billion billion (up 22% annually) and EPS of $7.73 (up 28%), topping consensus analyst estimates of $24.22 billion and $7.38.

"Technically, we are making the breakthroughs are needed", he said later, noting that Daydream is doing well with early adopters of VR technology.

"We know advertisers don't want their ads next to content that doesn't align with their values", Google's chief business officer Philipp Schindler says in a blog post on March 21.

Alphabet has also benefited from a wave in the entire tech industry that has buoyed stocks and added hundreds of billions of values to the so-called FANG (Facebook, Amazon, Netflix, Google) cadre of tech companies. Last year, the company delivered earnings of $6.02 per share on total sales of $20.26 billion during the same quarter.

Alphabet gave the award to Pichai in January 2016, a few months after he succeeded Larry Page as Google's CEO. We have streamlined efforts where it made sense and in other areas we have seen places to double down.

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