Alphabet, the owner of Google, reported a 15% year-on-year increase in first quarter revenues at constant currency to 41.2 billion US dollars. The rise was driven by search-related advertising, YouTube and cloud services, but demand began to fall away towards the end of the quarter as the impact of COVID-19 became apparent.
Google Search and other advertising revenues amounted to 24.5 billion dollars, up 9% year-over-year, for the quarter. "This reflects strong year-on-year growth for the first two months of the quarter," Alphabet said. "In March, revenues began to decline and ended the month at a mid-teens percentage decline in year-on-year revenues."
YouTube advertising revenues were up 33% to 4 billion dollars, while Google Cloud, including GCP and G Suite, reported a 52% rise in revenues to 2.8 billion dollars. "Other Revenues" were 4.4 billion dollars, up 23% year-over-year, primarily driven by growth in YouTube subscriptions and sales through the Google Play app store. Alphabet said there are now more than 2.5 billion monthly active Play devices worldwide.
Alphabet also said its video conferencing platform Meet is now adding roughly 3 million new users each day, and has seen a thirty fold increase in usage since January. There are now over 100 million daily Meet meeting participants, it added. Source: Alphabet statements