Google parent company Alphabet beats Q1 expectations

The profit by Alphabet beat estimates on Wall Street and rose by 29% to end at $5.43 billion.

She described the results as "excellent" and claimed that the company had "great momentum in our new businesses across Alphabet".

Pichai, received a salary of USA $650,000 past year, slightly less than the U.S. $652,500 he earned in 2015.

In the same year-ago quarter, Alphabet's revenue was $18 billion (£13.9bn), a 16 percent increase for Google in the past year.

But Alphabet of course has its fingers in a lot of different ventures, including its "Other Bets" unit which compromises its Waymo self-driving vehicle business, Google Fiber, thermostat-maker Nest and the life sciences firm Verily.

Alphabet gave the award to Pichai in January 2016, a few months after he succeeded Larry Page as Google's CEO.

"With the change to Alphabet, oversight has been easier because of increased visibility".

Without getting into the details, he said, Google is "understanding what UPI is and the power of the stack built here", adding, "may be we will bring services from Google on top of UPI which will make things better for users in India".

"I. think we have learned a lot about how to set up new companies with a structure for success", he wrote in the letter. In one example Pichai discussed, Under Armour used a combination of bumper ads and TrueView to promote a product launch and experienced double the lift in product interest from those who saw both ads compared to those who only saw the TrueView ad. In general we are taking a patient approach to investing our capital, especially significant uses. "It is super-important to us that this ecosystem works well".

Google's investment into artificial intelligence, cloud computing, hardware, and machine learning has also witnessed growth.

The arrival of Diane Greene, senior vice president of Google Cloud, has helped build world-class sales, marketing and engineering teams, Pichai said.

Friday is shaping up to be a nice day for Alphabet Inc.

The strong results also allayed concerns about a recent controversy surrounding the video service and its impact on Google's ad revenue. Its Other Bets posted operating losses of $855 million.

Apparently the C in Alphabet stands for insane cash.

Alphabet's total headcount rose to 73,992 employees from 64,115 a year earlier.