Alphabet, the parent company of Google, has reported an increase of over 20 percent in revenue in the latest financial results of the firm.
The newly released quarterly figures of the technology giant reveal a rise in revenue amounting to 31.1 billion dollars (£22.3bn), up by 26 percent on the same period in 2017.
The figures were also supported by an increase in the net income of nearly four billion dollars to over 9.4 billion dollars (£6.7bn), on the same three months last year.
Google continues to generate the majority of the revenue and income of Alphabet. Reportedly, 30.9 billion (£22.1bn) of the revenue of 31.1 billion came from the portion of Google of the business, which includes the search engine, as well as hardware including the Google Home line of smart speakers and the Pixel smartphone.
Ruth Porat, the chief financial officer of Alphabet, said: “Our ongoing strong revenue growth reflects our momentum globally, up 26% versus the first quarter of 2017 and 23% on a constant currency basis to 31.1 billion dollars.
“We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence.”
Its annual developer conference, I/O, is scheduled to be held by Google this coming May. The company is anticipated to reveal the newest version of its Android mobile operating system, the most widely used OS worldwide. The company could also announce some new features for its line of Home smart speakers.
The so-called ‘Other Bets’ portion of the company, which refers to the more futuristic projects of Alphabet – including the driverless car business, Waymo – also reported growth, as its revenue rose from 132 million (£94.6m) to 150 million dollars (£107.5m).