Google parent Alphabet reported its first-quarter earnings and YouTube's ad revenues failed to meet expectations.
Google parent Alphabet released its first-quarter earnings report today. While it didn't break out revenue from Pixel separately, the phones are inside the category known as Google, Other which took in $6.81 billion during the first quarter of 2022. That was a 5% gain from the $6.50 billion grossed during last year's Q1. Besides Pixel phones and other hardware, Google, Other includes revenue from the Google Play Store and non-advertising YouTube revenue.
First-quarter ad revenue for Google Search came to $39.62 billion compared to $31.88 billion the year before for a 24% increase. YouTube ads increased 14.4% to $6.87 billion from $6.80 billion on an annual basis. YouTube ad revenue was a huge disappointment as Wall Street was looking for $7.51 billion in revenue. However, Google Network ad revenue had a strong first quarter taking in $8.17 billion. That was a 20.2% hike from the $6.
Google, during the first quarter, stopped many of its services in Russia due to the invasion of Ukraine. also had to pay more to acquire traffic than the $11.69 billion that Wall Street expected. Traffic Acquisition Costs for Q1 of 2022 rose $23.5% to $11.99 billion from the year-earlier $9.71 billion.
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