Google parent Alphabet’s (NASDAQ:GOOGL) share price has outperformed the S&P 500 and FAANG stocks year-to-date by a decent margin. YouTube advertising revenues of $6 billion, up 49%, driven by exceptional performance in direct response and ongoing strength in brand advertising. Google Cloud had an operating loss of $1 billion. And we've been focused really on helping SMBs with simpler tools, so they can actually embrace digital a lot faster. I think we are one of the largest R&D investors in AI in the world. Today, I'll briefly mention a few highlights from the past quarter and go a bit deeper on Cloud; then, Philip will discuss advertising and partnership developments; finally, Ruth will cover the quarterly results. And on your first part of your question, look, we're looking at our business from a very global perspective and are excited about it. Other income and expense was $4.8 billion, which primarily reflects unrealized gains in the value of investments in equity securities. Our very strong financial results in the first quarter reflect both lapping the impact of COVID on our business beginning in March 2020, as well as the benefit of excellent underlying operating performance. And in terms of your question on efficiency, appreciate the question. Is it fair to say that the shift to free product listings has led to the desired increase in retail advertising across the platform, or are there other reasons beyond the pandemic that you attribute for that success? Thank you. I'd now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. It really served us well and customers in our ability to deliver throughout this period of time. And that concludes our question-and-answer session. And so, I'm pretty excited, and it's why I feel Google -- GCP will be differentiated over time as our competitive advantage. And that's where we have really invested over the year, making everything simpler. Google has recently released its Q1 2021 Financial Report, and it has been one of the most talked-about reviews for this month, especially as the Mountain View giant posted massive gains and earnings. And now, Sundar, Philipp and I will take your questions. This past quarter, we released new functionality for BigQuery, delivering significantly better performance for business intelligence queries. So, thank you. The operating results in Q1 in part reflects some notable items in the quarter: first, the lapping of the unusually high allowances for credit losses recorded in the first quarter of 2020, as I already mentioned; and second, lower depreciation expense due to the change in the estimated useful lives although the dollar benefit will diminish throughout the course of the year across segments. But frankly, the pandemic has also been a catalyst for key consumer trends, obviously, creating a lot of new opportunities for small businesses. Alphabet Inc (NASDAQ:GOOGL)Q1 2021 Earnings CallApr 27, 2021, 5:00 p.m. Revenue grew … These numbers range from January to March, and reflect an increasing return to normal in some industries. These newly prioritized routes had significantly higher booking rate in Search this quarter compared to last quarter. So, there is this massive acceleration in e-commerce due to the pandemic. As for Google Cloud, our approach to building the business has not changed. And our final question comes from the line of Brian Fitzgerald from Wells Fargo. I think, at the highest level, the approach is unchanged. It's about being sharper within product areas and then making sure we're investing. Headcount was up 4,694 from the fourth quarter, including more than 1,800 Fitbit employees who joined us in Q1. Alphabet Inc (GOOGL) Q1 2021 Earnings Call Transcript Motley Fool Transcribers 6 mins ago. Take Dick's Sporting Goods. Luxury cosmetics company Clarins HK added beautiful product imagery from their Google Merchant feed as an extension and saw 68% conversion rate uplift within three weeks. Today, I'll briefly mention a few highlights from the past quarter and go a bit deeper on Cloud; then, Philip will discuss advertising and partnership developments; finally, Ruth will cover the quarterly results. And as we do this, we continue to make progress on our sustainability goals. You'll also be able to compare the carbon impact between routes. Q1 revenue grew 46% year-over-year, with GCP's revenue growth rate, once again, meaningfully above Cloud overall. And so, I'm pretty excited, and it's why I feel Google -- GCP will be differentiated over time as our competitive advantage. Thank you. I'd like to turn the conference back over to Jim Friedland for any closing remarks. I think the main thing we'd want to leave you with is that we are seeing, in part, an acceleration in the shift to digital, but it is too early to forecast the extent to which these changes in consumer behavior and advertising spend will endure. Revenue decreased to $5.22 billion from $7.45 billion last year. IPL 2021 Match 22: Royal Challengers Bangalore beat Delhi Capitals by one run — As it happened; COVID-19: 1 in 20 of world’s vaccines has flown Emirates through Dubai; IPL 2021: Straight Bat with Gulf News and Mr. Cricket UAE Anis Sajan – Delhi Capitals vs Royal Challengers Bangalore So, to do that is where all our underlying investments go and that's how we think about it over the long term. Show full articles without "Continue Reading" button for {0} hours. Year-on-year performance reflects elevated consumer online activity, broad-based strength in advertiser spend, and lapping of the initial impact of the pandemic on advertising revenues that began in March last year. You asked about office facilities, but I do think it's important to note, we are continuing to invest in our technical infrastructure, and that's what you saw again here this quarter, and we'll continue to do so to support growth that we're seeing in Cloud, in Search, in Ads, and machine learning, no change there. This includes digital tools for front-line workers like nurses and retail store workers, as well as new security offerings. Last quarter, I mentioned Google News Showcase, our $1 billion investment in the news industry. Thank you. Our product releases are returning to a regular cadence. Thank you. Year-on-year performance reflects elevated consumer online activity, broad-based strength in advertiser spend, and lapping of the initial impact of the pandemic on advertising revenues that began in March last year. We've added a new metric to our transparency reports, called the Violative View Rate, which will help us estimate what percentage of views on YouTube come from content that violates our policies. And the combination of free and paid is a meaningful one. Thank you, and have a good evening. Before I close, I want to mention that in 2021, in the U.S. alone, we plan to invest over $7 billion in offices and data centers, and create at least 10,000 new full-time jobs. What you saw in the first quarter was a slightly slower pace for that and a slower pace on fit-outs, as well as we're evolving, what does the space look like, but we expect to continue to pick up the pace there as we fit out our spaces for this kind of a new reimagined environment. There're really traditional use in a very different context. Investopedia 13 hours ago. And then to Ruth, we always asked in the past that capex spending in order to change useful life. Nothing more to add. And as long as we continue this well, I think we should continue to see budgets move our way as well. Thank you. We are continuing to help support public health officials in their vital and urgent work. Your line is now open. Last time out, GOOGL topped Q4 expectations with earnings of $22.30 per share versus $15.90 consensus, according to Refinitiv. By teaming up, we're able to build new experiences for our users while helping our partners innovate and grow. Total Google Services revenues were $51.2 billion, up 34%, consisting of Google Search and other advertising revenues of $31.9 billion in the quarter, up 30%, with strength across most categories led by retail. Thank you. Workspace is being adopted by customers, including [Indecipherable] in healthcare, Sun Life in financial services and Airbus in manufacturing and aviation. And then, secondly, just given the management transition that we've seen at Waymo, should we expect any change in terms of how things are operated there going forward? And on the shopping side, look, it's been a year since we brought Bill onboard, Bill Ready. During this call, we will present both GAAP and non-GAAP financial measures. Stock Advisor launched in February of 2002. And then we need to ask ourselves, do both of these have upside. That's right -- they think these 10 stocks are even better buys. Yes. One example of how we are doing this is the new AI-powered feature in Maps that will show the route with the lowest carbon footprint when ETAs are the same. Le Monde in France, DER SPIEGEL [Phonetic] in Germany, Clarin in Argentina, Evening Standard in the UK, just to name a few, and we're continuing to expand the program. And so our main thing is that we think it's premature at this point to really assess that how durable this consumer behavior trends are. That trend has not changed. We'll invest aggressively in products and go-to-market where we've talked about quite consistently over time, and it's much as operating losses and operating margin will benefit from increased scale over time. But the core of your question was really about office facilities. It all starts with foundational R&D we do. And we see this positively reflected in our rates here as well. For example, data suggests that investment in start-ups is at an all-time high. Anything you're learning or experiences during the pandemic that we can think about post pandemic on cost efficiencies or things like that? Now, a brief update on Other Bets. Our focus is on providing authoritative information. And obviously, consumers are spending more time online. William Blair analyst R. Schackart now expects that the information services provider will post earnings of $13.77 per share for the quarter, up from their previous estimate of $12.51. Alphabet Q1 2021 earnings indicate that Google stock could deliver a double-digit annualized return over the next few years. We've matched our operations with 100% renewable energy for the past four years, and we are working toward operating on carbon-free energy around the clock by 2030, a far more ambitious goal that we hope will be transformative for the industry. Google Cloud brought $4.02 billion in revenue and had an operating loss of $974 million in Q1, versus $3.99 billion in revenue expected by analysts. So, this is why you see us work hard on TPUs and we think about the tool chain for developers on top of all that. So, but we are looking at it pretty deeply. And our next question comes from Colin Sebastian from Baird. Alphabet Inc. GOOGL is scheduled to report first-quarter 2021 results on Apr 27. Turning to the Google Cloud segment, including GCP and Google Workspace, revenues were $4 billion for the first quarter, up 46%. Those are really the four big components and I'm excited about all four of them actually. At this point, we do remain focused on investing to build the organization for long-term performance. As we've noted previously, operating results should benefit from increased scale over time, however, at this point, we do remain focused on continuing to invest to build the cloud organization for long-term performance. Thank you. Thanks. And I think it's -- we've been very clear, we do value bringing people together in the office. We made product listings free, removed commission fees and opened our shopping platform to Shopify and PayPal. ET Prepared … This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. So, that framework is unaltered. The second one is, I would call it, as coverage. At click-through rates, close to being optimized, is there more more we can do here by just delivering better creative, better ads, better answers, to what extent can we deploy next-generation machine learning here. Now, I'll quickly cover the Safe Harbor. How much is someone willing to bid for click on their ad. And then, Philipp, I wanted to follow up on the momentum in Search that you attribute to Google Shopping. Our product releases are returning to a regular cadence. Speaker 1: Welcome, everyone, and thank you for standing by for the Alphabet first quarter 2021 earnings conference call. Philipp? Philipp Schindler -- Chief Business Officer. This is down over 70% compared to the same quarter in 2017, in large part, thanks to our investments in machine learning. So, there is a huge opportunity here across the world for us to tap into those other budgets. Let me also mention Chrome OS, which this quarter celebrated 10 years. So, on -- the question is on Search. Your line is now open. We've always said we succeed only when they succeed. And they're are eager to support local businesses, SMBs. I'd like to turn the conference back over to Jim Friedland for any closing remarks. Thank you. Our total cost of revenues was $24.1 billion, up 27%, primarily driven by other cost of revenues, which was $14.4 billion, up 25%, followed by TAC, which was $9.7 billion, up 30%. Our total cost of revenues was $24.1 billion, up 27%, primarily driven by other cost of revenues, which was $14.4 billion, up 25%, followed by TAC, which was $9.7 billion, up 30%. So, that framework is unaltered. I'll start with results at the Alphabet level, followed by segment results, and conclude with our outlook. Last time out, GOOGL topped Q4 expectations with earnings of $22.30 per share versus $15.90 consensus, according to Refinitiv. It's not just online, it's not just offline, it's a mix. And as we do this, we continue to make progress on our sustainability goals. In Cloud, there are three distinct market trends shaping our growth and driving our product and go-to-market strategy. Let me switch gears now and talk about retail, where we had a very strong quarter. I want to thank our customers and partners for their collaboration. Your line is now open. David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Alphabet (A shares) wasn't one of them! So, you'll be seeing that. And I think to your question, the experiences of this past year underscored really the value of having made those investments to protect and support operational excellence. These newly prioritized routes had significantly higher booking rate in Search this quarter compared to last quarter. And on the shopping side, look, it's been a year since we brought Bill onboard, Bill Ready. BERT last year I think was a great example of it. Thank you. Maybe you can help us understand what the key drivers of Search are that you're thinking about over the next couple of years? The lapping of the allowance for credit losses, the benefit from depreciation life, and then there were certain things that were due to COVID just the lower impact for things like T&E and marketing. Within technical infrastructure, servers continue to be the largest driver of investment as we continue to invest to support Cloud, Search, Ads and machine learning. Thanks. Philipp had a couple of comments about some of the areas where we're trying to innovate to be helpful to our partners, but beyond that nothing to add. In 2020, their e-commerce sales were up 350%. And I think it's -- we've been very clear, we do value bringing people together in the office. Q1 revenue grew 46% year-over-year, with GCP's revenue growth rate, once again, meaningfully above Cloud overall. Thank you. But recovery is far from uniform across the globe as the tragic scenes in countries like India and Brazil remind us. Alphabet today announced Q1 2021 earnings with $55.3 billion in revenue. There're some obvious examples, if you think about, for example, the bump in consumption for things like outfitting your home to work from home, obviously that doesn't repeat. I usually look at the different components of Search as basically four key drivers. Turning to capex at a consolidated level, the results reflect ongoing investment in our technical infrastructure, offset by a slower pace of investment in office facilities, given the ongoing impact of COVID. Philipp seems to be on mute. Beyond that, there is a lot of opportunity to improve the user experience. So, we're starting to see advertisers by a mix actually of awareness and more action-oriented formats. The operating loss was $1.1 billion. We've added a new metric to our transparency reports, called the Violative View Rate, which will help us estimate what percentage of views on YouTube come from content that violates our policies. So, not just traditional advertising, TV advertising and so on. The reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.65) by $0.05. To everyone, I look forward to seeing you at IO. [Operator Instructions] And our first question comes from the line of Brian Nowak from Morgan Stanley. According to third parties, Chromebooks were the most popular device in K-through-12 education globally for the last year. Your line is now open. And then there is, of course, the opportunity to be a major platform for brands. So, I'm wondering if you could talk about the pace of change around data science and how Google can sustain its competitive advantage in those areas? And then to Ruth, we always asked in the past that capex spending in order to change useful life. YouTube Shorts continues to gain popularity with over 6.5 billion daily views as of March, up from 3.5 billion at the end of 2020. And our next question comes from Justin Post from Bank of America. For merchants, they can now bring their product feeds directly into their video campaigns. Thank you. Operating expenses were $14.8 billion, up 4%. The business earned $20.50 million during the quarter, compared to the consensus estimate of $19.22 million. How confident you are in your ability to retain them, you're advertiser retention strategy? Last quarter, I mentioned Google News Showcase, our $1 billion investment in the news industry. Operating expenses were $14.8 billion, up 4%. With us today are Sundar Pichai, Philipp Schindler and Ruth Porat. In particular, we are trying to streamline and working hard to streamline the back-end experience for merchants, especially for hybrid retailers. Great. Yeah. Thank you. Any merchant can now light this up with a single click in our Google Merchant Center. So, to do that is where all our underlying investments go and that's how we think about it over the long term. My focus will be on year-over-year comparisons for the first quarter, unless I state otherwise. And our next question comes from Michael Nathanson from MoffettNathanson. Operating cash flow was $19.3 billion, with free cash flow of $13.3 billion in the quarter and $50.7 billion for the trailing 12 months. I'm particularly excited that our developer event, Google IO, is back this year, all virtual and free for everyone on May 18th through 20th. I wanted to dig a little more into the build and provide the most helpful products and services. And similarly, we are very committed to taking the AI improvements and bringing it through our GCP offerings to our enterprise customers as well. We'll have significant product updates and announcements and I invite you all to tune in. The pandemic has disrupted how many of them connect with their customers. We now have deals with 600 plus publishers across more than 12 countries. Throughout the pandemic, they accelerated curbside pickup, pickup in-store and ship-from-store fulfillment options in Search. Sundar, first, you've highlighted for years that machine learning is clearly a strength and differentiation of the overall platform, including in cloud services where we're also seeing competitors focus more on their capabilities here. DR was practically non-existent on YouTube a few years ago, and it's now a large and fast growing business, and we're just getting started in my view. Is it queries, product improvements, certain changes in verticals like shopping, how are you thinking about driving Search growth? So, even with a hybrid work environment, we will continue to need space. GCP's revenue growth was again meaningfully above Cloud overall. Let me end with our outlook for each segment and our investments more broadly. So, we will continue to be investing in campuses around the globe as we have been. They accelerated digital and grew app subscribers by almost 7X with TrueView for Action. And I ask it this way, I think we've had record numbers of new business formations in the country and around the world on the unfortunate impact of COVID, but I think that's my guess is, it's been a huge tailwind for your business at the same time we've had this real tip over I think of linear TV ad budgets in the back half of the year onto online channels like YouTube. Finally, with respect to capital allocation, our primary use of capital continues to be to support organic growth in our businesses, followed by retaining flexibility for acquisitions and investments. And then the last one is obviously the CPC, right. DR was practically non-existent on YouTube a few years ago, and it's now a large and fast growing business, and we're just getting started in my view. We're also developing more valuable relationships with some of our strategic partners. So, searches for support local businesses are up significantly since last year. Wondering if you might be able to comment on how the demand side products are doing? We also saw strong performance in tech and CPG. [Operator Instructions]. But I wonder has this pandemic change maybe your approach to the office space that you bought and thinking about how the Company is going to deploy capital in terms of space going forward and how we think about the future of capex next couple of years based on post pandemic? But frankly, the pandemic has also been a catalyst for key consumer trends, obviously, creating a lot of new opportunities for small businesses. For hotels and travel companies, it means free exposure on Google. Taco Bell saw 27% incremental reach for their limited time offer campaigns. And our next question comes from Colin Sebastian from Baird. These innovations have helped grow our revenue per seat and the number of seats in the last quarter. First one for Sundar. Some countries are in advanced stages of reopening, others are facing reacceleration of cases. Five of our data centers in Europe and North America are already operating near or at 90% carbon-free energy around the clock. Some countries are in advanced stages of reopening, others are facing reacceleration of cases. The information services provider reported $22.30 EPS for the quarter, beating analysts' consensus estimates of $15.91 by $6.39. Now, a brief update on Other Bets. In terms of investment levels within Google Services, we still intend to invest aggressively to support the extraordinary opportunities we see. And overall we want to make it much, much easier for retailers to get started on Google and have their information appear across surfaces. Thank you, Jim, and good afternoon, everyone. And our operating margin in the quarter was 30%. I appreciate the color on the four key priorities. But all eyes are on Q1 earnings to see if this can continue. Wondering if this is also creating a strong on ramp in GCP specifically around data analytic products like BigQuery? First, Philipp, you mentioned a couple of times the durability of the improvement is tough to gauge. And our next question comes from Justin Post from Bank of America. Thanks everyone for joining us today. As we look forward at developing our real estate footprint for offices, what we factor into it is, first, we are growing our headcount. , retailers that Play in both seats and average revenue per seat and the number of seats in network. Together in the UK, Italy, Argentina and Australia and vaccines hey, guys [ ]. 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