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Google Parent Alphabet Beats Q1 Forecasts Despite $2.6B Hit From Reduction In Workforce And Office Space, YouTube Advertising Downturn

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deadline.com
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Alphabet, the parent company of Google and YouTube, bucked the recent trend in the tech sector and topped Wall Street’s financial expectations in the first quarter.

The company posted $69.8 billion in revenue, up 3% from the same quarter a year ago, and diluted earnings per share of $1.17, down 5%.

Analysts’ consensus outlook was for revenue of $68.8 billion and earnings of $1.06 per share. Those results were achieved despite a $2.6 billion charge taken during the quarter due to reductions in workforce and office space.

Alphabet announced last January it was cutting 12,000 jobs, about 6% of its workforce. The largest staff reduction in company history followed what was described as a “rigorous review” of operations.

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