Alphabet, the parent company of Google, beat market expectations in the first quarter of 2023 with a net profit of $15 billion, indicating that the Californian firm is recovering despite the poor economic situation, AFP reported.

Its quarterly revenue was nearly $70 billion, according to a press release issued Tuesday.

Revenue came in $1 billion better than investors expected as the world’s biggest ad company faced budget cuts from advertisers.

AI and cloud computing boost Microsoft’s quarterly profits

Microsoft said on Tuesday that its cloud computing and artificial intelligence offerings boosted revenue and profit in the first quarter of 2023.

Microsoft, which has made a huge bet on AI technology from the makers of ChatGPT, reported a profit of $18.3 billion on revenue of $52.9 billion in the first three months of this year.

“At Microsoft Cloud, we are the best platform to help customers get the most out of their digital spend and innovate for the next generation of artificial intelligence,” said Microsoft CEO Satya Nadella. (photo: Robert309, Dreamstime.com)