Google's parent company Alphabet announces Q1 results

Sundar Pichai, CEO of Alphabet and Google, said: “Q1 saw strong growth in Search and Cloud, in particular, which are both helping people and businesses as the digital transformation continues. We’ll keep investing in great products and services, and creating opportunities for partners and local communities around the world.”

According to a CNBC report, during this particular quarter, Google had halted its operations in Ukraine because of its ongoing war with Russia. Revenue growth in the European region, which also includes the Middle East and Africa, slowed to 19% in the first quarter from 33% a year earlier.

The war also hurt YouTube's ad sales rates which slowed down the overall revenue. Notably, YouTube advertising sales of $6.9 billion missed analysts' target of $7.5 billion, according to a Reuters report which quotes Factset.

Ruth Porat, CFO of Alphabet and Google, said: “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.”