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Alphabet(GOOGLE)

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We continue to see overall query growth in Search. That includes an increase in total queries coming from Apple’s devices and platforms.

Wiz’s solution rapidly scans the customer’s environment, constructing a comprehensive graph of code, cloud resources, services, and applications – along with the connections between them. It identifies potential attack paths, prioritizes the most critical risks based on their impact, and empowers enterprise developers to secure applications before deployment. It also helps security teams collaborate with developers to remediate risks in code or detect and block ongoing attacks.
Wiz is an innovative leader, creating new categories of cybersecurity solutions in the last 12 months, including code-to-cloud security and cloud-native runtime defense, further strengthening its impact.
This will help spur the adoption of multicloud cybersecurity, the use of multicloud, and competition and growth in cloud computing.

Five years ago, my fellow cofounders and I set out to create something security and development teams would love. We embarked on a significant mission: to help every organization secure everything they build and run in the cloud – any cloud.
We both also believe Wiz needs to remain a multicloud platform, so that across any cloud, we will continue to be a leading platform. We will still work closely with our great partners at AWS, Azure, Oracle, and across the entire industry.

Google LLC today announced it has signed a definitive agreement to acquire Wiz, Inc., a leading cloud security platform headquartered in New York, for $32 billion, subject to closing adjustments, in an all-cash transaction.
This acquisition represents an investment by Google Cloud to accelerate two large and growing trends in the AI era: improved cloud security and the ability to use multiple clouds (multicloud).
Wiz delivers an easy-to-use security platform that connects to all major clouds and code environments to help prevent cybersecurity incidents.
Wiz’s products will continue to work and be available across all major clouds, including Amazon Web Services, Microsoft Azure, and Oracle Cloud platforms, and will be offered to customers through an array of partner security solutions.

On Search, rich and multimodal experiences like AI Overviews, Circle to Search, and Lens give people new ways to express exactly what they want, more naturally than ever before. We already see more than 5 trillion searches on Google annually, and with AI, we're continuing to expand the types of questions that people can ask.

Quarterly Earnings

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AI Overviews is going very well with over 1.5 billion users per month, and we’re excited by the early positive reaction to AI Mode.

In subscriptions, we surpassed 270 million paid subscriptions, with YouTube and Google One as key drivers.

In March we released AI Mode, an experiment in Labs. It expands what AI Overviews can do with more advanced reasoning, thinking and multimodal capabilities to help with questions that need further exploration and comparisons. On average, AI Mode queries are twice as long as traditional Search queries.

YouTube Music and Premium reached over 125 million subscribers, including trials, globally.

Waymo is now safely serving over a quarter of a million paid passenger trips each week. That’s up 5X from a year ago.
This past quarter, Waymo opened up paid service in Silicon Valley. Through our partnership with Uber, we expanded in Austin and are preparing for our public launch in Atlanta later this summer. We recently announced Washington, DC, as a future ride-hailing city, going live in 2026 alongside Miami.
Waymo continues progressing on two important capabilities for riders — airport access and freeway driving.

Google services revenues were $77 billion for the quarter, up 10% year on year, driven by strong growth in Search and YouTube, partially offset by year-on-year decline in network revenues. To add some further color to the performance, the 10% increase in Search and Other revenues was led by financial services, primarily due to strength in Insurance followed by Retail.

We continue to see a revenue mix shift with Google Search growth at double-digit levels, network revenues, which have much higher TAC rate, declined.

Sales and marketing expenses decreased 4%, primarily reflecting a decline in compensation expenses.

First, in terms of revenue, I'll highlight a couple of items that we mentioned last quarter that will have an impact on second quarter and 2025 revenue.
First, in Google services, advertising revenue in 2025 will be impacted by lapping the strength we experience in the financial service vertical Throughout 2024.

The first quarter, we saw 31% year-on-year growth in depreciation from the increase in technical infrastructure assets placed in service. Given the increase in CapEx investments over the past few years, we expect the growth rate in depreciation to accelerate throughout 2025.

Second, as we've previously said, we expect some headcount growth in 2025 in key investment area. As we've disclosed previously, due to a shift in the timing of our annual employee stock-based compensation award beginning in 2023, our first quarter stock-based comp expenses is relatively lower compared to the remaining quarters of the year.

Search was led again, by finance due primarily to ongoing strength in the insurance, retail, health care, and travel were actually also sizable contributors here to growth.

At the end of 2024. And we're still focused on driving efficiency and productivity throughout the organization.

We're focusing on continue to moderate the pace of compensation growth, looking at our real estate footprint, and, again, the build-out and utilization of our technical infrastructure across the business.

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And now we are starting to bring AI overviews to the main Search page. We are being measured in how we do this, focusing on areas where gen AI can improve the search experience while also prioritizing traffic to websites and merchants.

We also remain focused on long-term efforts to durably reengineer our cost base. You can see the impact of this work reflected in our operating margin improvement. We continue to manage our headcount growth and align teams with our highest priority areas. Beyond our teams, we are very focused on our cost structures, procurement, and efficiency.

Finally, our monetization path. We have clear paths to AI monetization through Ads and Cloud as well as subscriptions.

Today, more than 60% of funded gen AI start-ups and nearly 90% of gen AI unicorns are Google Cloud customers.

And on subscriptions, which are increasingly important for YouTube, we announced that in Q1, YouTube surpassed 100 million Music and Premium subscribers globally, including trialers.

Waymo's fully autonomous service continues to grow ridership in San Francisco and Phoenix with high customer satisfaction, and we started offering paid rides in Los Angeles and testing rider-only trips in Austin.

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