Published , by Donovan Erskine
Published , by Donovan Erskine
Google (GOOGL) is one of several major companies sharing its earnings report this week. In the company’s Q1 2022 report, we learned that Google beat both revenue and EPS expectations. Further breakdown of the report recaps YouTube’s business. The popular video and livestreaming platform reeled in a whopping $6.87 billion in ad revenue in Q1 2022.
Google (GOOGL) detailed YouTube’s financial performance in its Q1 2022 earnings report. It’s on the first page of the report that we see YouTube’s massive $6.87 ad revenue figure. This shows solid growth in year-over-year comparisons, with the service’s ad revenue coming in at just over $6 billion in Q1 2021.
Google originally acquired YouTube back in 2006 to the tune of $1.65 billion. The evolution of ad implementation on the service has made it a consistent cash cow for the parent company. “We are pleased with Q1 revenue growth of 23% year over year. We continue to make considered investments in Capex, R&D, and talent to support long-term value creation for all stakeholders,” said CFO Ruth Porat, talking about the company’s overall business.
Despite some solid number's Google's (GOOGL) shares were down in after-hours trading following the release of their earnings report, as we discovered via Yahoo Finance's stock quote.
YouTube’s $6.7 billion in ad revenue makes up just a share of its parent company’s overall $68 billion in revenue, which can be largely attributed to Google search advertising. More on that in the initial announcement of Google’s (GOOGL) Q1 2022 earnings release. It’s a busy week as several of the biggest companies in technology and entertainment are sharing their latest batch of earnings. Be sure to stick with us here on Shacknews in order to keep up with it all.