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Take note that these stock predictions do not take into account elements like your trading background, individual aims, and ambitions, financial situation, or risk tolerance. So for example, here the AI is recommending Google, and now you would do your own due diligence to come to your own conclusions based on your own personal considerations.
Google First Quarter Results
Alphabet recently released its Q1 2023 earnings, reporting consolidated revenues of $69.8 billion, reflecting a 3% YoY increase or a 6% increase in constant currency. These numbers are indicative of resilience in search and momentum in the cloud. Despite experiencing a workforce and office space reduction charge amounting to $2.6 billion, Google has demonstrated its ability to deliver long-term growth and create the capacity to invest in its most compelling growth areas.
The CEO of Alphabet and Google, Sundar Pichai, has expressed his satisfaction with the Q1 business performance of the company, emphasizing its focus on deep computer science and AI. Ruth Porat, CFO of Alphabet and Google, echoes Pichai's sentiment, saying that the company's North Star is providing the most helpful answers for its users. Furthermore, Porat has reiterated the company's commitment to delivering long-term growth and re-engineering its cost base to create capacity for investment in growth areas.
The Q1 2023 financial highlights of Google indicate that the company has experienced $2.6 billion in charges related to reductions in workforce and office space. Additionally, there has been a $988 million reduction in depreciation expense from the change in the estimated useful life of servers and certain network equipment. Google has also noted a shift in the timing of annual employee stock-based compensation awards, resulting in relatively less stock-based compensation expense recognized in Q1 compared to the remaining quarters of the year. This shift in timing will not affect the amount of stock-based compensation expense over the full fiscal year 2023.
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Sources: 1. Alphabet Investor Relations, "Alphabet Announces First Quarter 2023 Results" (2023)
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