After a record-breaking 2021 with annual revenue of $257 billion — the first time it has gone over $200 billion for a year — Google’s parent company reports in a filing (pdf) that it has started off 2022 with Q1 revenue that’s up 23 percent from the same period last year, reaching $68 billion.
However, with expenses up compared to 2021, its net profit actually dropped to $16.4 billion compared to last year’s $17.9 billion. Research and development costs for the quarter rose by over $1 billion compared to Q1 2021, going from $7.485 billion to $9.1 billion. As the New York Times notes, last year the company had a $4.8 billion gain in its stock holdings, and in Q1 2022 it recorded a $1.07 billion loss.
