Exhibit 99.1

Alphabet Announces First Quarter 2018 Results
MOUNTAIN VIEW, Calif. – April 23, 2018 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended March 31, 2018.
"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. We have a clear set of exciting opportunities ahead, and our strong growth enables us to invest in them with confidence," said Ruth Porat, CFO of Alphabet and Google.
Q1 2018 financial highlights
The following summarizes our consolidated financial results for the quarters ended March 31, 2017 and 2018 (in millions, except for per share information, percentages, and number of employees; unaudited) with results for the quarter ended March 31, 2018 affected by gains on equity securities reflected in other income (expense), net (OI&E):
 
Three Months Ended March 31, 2017
 
Three Months Ended March 31, 2018
Revenues

$24,750

 

$31,146

Increase in revenues year over year
22
%
 
26
%
Increase in constant currency revenues year over year
24
%
 
23
%
 
 
 
 
Operating income

$6,568

 

$7,001

Operating margin
27
%
 
22
%
 
 
 
 
OI&E

$251

 

$3,542

 
 
 
 
Net income

$5,426

 

$9,401

Diluted EPS

$7.73

 

$13.33

Diluted shares (in thousands)
702,036

 
705,134

 
 
 
 
Effective tax rate
20
%
 
11
%
Number of employees
73,992

 
85,050

Q1 2018 impact from equity securities*
Our Q1 2018 financial results were affected by a new accounting standard (ASU 2016-01) that changes the way companies account for equity security investments. As a result, all gains and losses, unrealized and realized, on equity security investments are recognized in OI&E on the income statement. Performance fees related to the equity security gains in Q1 2018 were accrued in the period. Income tax expense on the equity security gains was offset by the release of a deferred tax asset valuation allowance. The following summarizes the impact to our Q1 2018 results (in millions, except for EPS and percentages; unaudited):
 
Three Months Ended March 31, 2018
Operating expenses impact:
 
Accrued performance fees

$632

OI&E impact:
 
Gain on equity securities

$3,031

Income tax impact:
 
Deferred income tax expense

$475

Release of deferred tax asset valuation allowance

($475
)
Net income impact

$2,399

Diluted EPS impact

$3.40

Effective tax rate reduction
5
%
*Additional information about the new accounting standard affecting our equity security investments can be found in our blog post on April 2, 2018 and our Q1 2018 10-Q.


The following information was filed by Alphabet Inc. (GOOGL) on Monday, April 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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