Alphabet reported a 24% year-on-year increase in revenues (on a constant currency basis) for the first quarter of 2017 to 24.75 billion US dollars. The growth was driven by a 53% increase in paid clicks on adverts hosted on Google properties, which more than compensated for a 21% fall in the price of these clicks.
As it focuses on the development of artificial intelligence, Alphabet's R&D spending rose 17% to 3.94 billion dollars in the quarter. Ruth Porat, CFO of Alphabet, said: "Headcount at the end of the quarter was 73,992, up 1,939 people from last quarter. ... Consistent with prior quarters, the vast majority of new hires were engineers and product managers. In terms of product areas, the most sizable head count growth was in Cloud, consistent with the priority we place on this business." Source: Google statement and Seeking Alpha transcript
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