Executive Summary

• Alphabet (the parent company of Google) reported 1Q19 revenues of $36.34 billion, up 16.7% year over year and below the $37.3 billion consensus estimate. Non-GAAP EPS was $11.90, down 10.8% year over year and beating the $10.60 consensus estimate.
• Mobile search, YouTube, and Cloud were the key growth drivers in the quarter.
• The company did not offer guidance; however, it discussed variability in Sites revenue due to changes in the platform for the long-term interest of users and advertisers, strong Cloud momentum, as well as momentum for assistant-enabled Home devices.