Google's parent company Alphabet increased revenues just 3 percent for its fiscal Q1 2023

Google's parent company Alphabet announced its fiscal first quarter 2023 earnings for the period ending March 31, 2023. Revenues came in at $69.79 billion for the quarter, which was up only 3 percent from the same period a year ago. Revenues were higher than the $68.9 billion expected by analysts, according to CNBC.

Operating income was $17.415 billion for the quarter, down compared to the $20.094 billion number from a year ago. Net income was $15.051 billion for Q1 2023, down from $16.436 billion from a year ago.

Alphabet's numbers included $2.6 billion in one-time charges related to its recent layoffs and its reduction of office space. It also includes a $988 million reduction in depreciation expenses, due to changes that extended the estimated life of its server hardware.

Overall, Google Search brought in a total of $40.359 billion in revenue for the quarter, up from $39.618 billion in the same period in 2022. Its cloud server business had $7.454 billion in revenue for the quarter, also up compared to $5.821 billion from a year ago. That division had an operating income of $191 million, which is the first time the cloud business had a profit for the fiscal quarter.

Alphabet's stock price was up 3.25 percent in after-hours trading following the news.

Google's parent company Alphabet increased revenues just 3 percent for its fiscal Q1 2023