Google Tops Expectations Despite Ad And Competitive Headwinds

Alphabet Inc (NASDAQ: GOOG) reported its first quarter revenues and earnings that topped expectations, with revenue rising 3% YoY to $69.79 billion and earnings amounting to $1.17 per share. YouTube advertising generated $6.69 billion to total revenue, while Google Cloud revenue amounted to $7.45 billion. Other bets, such as the life science unit and self-driving company Waymo, generated $288 million in revenues. Google launched its own AI-based chatbot Bard during the quarter to compete with Microsoft’s chatbot ChatGPT. Meta Platforms Inc (NASAQ: META) also reported an unexpected increase in sales for the first quarter, giving hope for the online ad market.