(Alphabet) Google’s Alphabet reported a net income of $16.44 billion or $24.62 per share in the first quarter of 2022, down from $17.93 billion or $26.29 per share in the prior year.
Despite the fall in net income, Alphabet reported a 23% year-over-year increase in the first quarter revenues, which hit $68.011 billion.
The operating income also rose to hit $20.094 billion in the quarter, compared to $16.44 billion in the prior year, with the operating margin unchanged at 30%.
Alphabet’s CEO Sundar Pichai reiterated that the company remained robust in its Search and Cloud segments.
The company said it will repurchase $70.0 billion of its Class A and C shares, with the approval already granted by the board on April 20.
GOOGL: NASDAQ is down -2.48%.
