Alphabet Inc., the parent company of Google, announced its financial results for the first quarter of 2023.
The company made $69.8 billion in revenue, a 3% increase compared to the same period last year.
The growth was mainly driven by their Search and Cloud services.
Some significant expenses during this quarter included $2.6 billion for workforce and office space reductions, and a $988 million reduction in depreciation expense due to changes in the estimated useful life of their servers and network equipment.
Alphabet is reorganizing its AI research by combining Google Research’s Brain Team and DeepMind to form a new group called Google DeepMind.
This change will be reflected in the company’s financial reporting starting from the second quarter of 2023.
The company also announced a stock buyback program, authorizing the repurchase of up to $70 billion of its Class A and Class C shares.