Alphabet Inc - Ordinary Shares - Class C

Strong Revenue Growth: Alphabet Inc. reported consolidated revenues of $90.2 billion for Q1 2025, an increase of 12% year-over-year (14% in constant currency), with significant contributions from Google Search, YouTube, and Google Cloud. Google Services revenues alone increased by 10% to $77.3 billion. This strong growth is driven by robust performance across various sectors, particularly in financial services and retail for Google Search.

AI Innovations Drive Engagement: The introduction of AI-driven features, particularly “AI Overviews” and Gemini models, has resulted in over 1.5 billion monthly users engaging with AI tools. This reflects a significant shift in user behavior, with users increasingly conducting longer, more complex queries and engaging with features across products like Google Assistant and YouTube. These innovations position Alphabet favorably within the competitive AI landscape.

Cloud Revenue Momentum: Google Cloud grew 28% year-over-year to $12.3 billion, buoyed by increased demand for AI products. The cloud segment is expected to maintain this upward trajectory as deployment of new capacities ramps up, despite potential variability in revenue based on capacity realization timing.