Analysts want to see if YouTube Shorts can beat TikTok.
However, with expenses up compared to 2021, its net profit actually dropped to $16.4 billion compared to last year’s $17.9 billion. Research and development costs for the quarter rose by over $1 billion compared to Q1 2021, going from $7.485 billion to $9.1 billion. As thenotes, last year the company had a $4.8 billion gain in its stock holdings, and in Q1 2022 it recorded a $1.07 billion loss.
Google’s search business brought in $39 billion, up significantly over the Q1 2021 result of $31 billion. The overall advertising business, including Search, YouTube, and its various ad networks, managed to pull in $54 billion in the first quarter alone. YouTube advertising revenue was also up, reaching $6.86 billion, but showed slower growth than it has over the last couple of years during the pandemic. Last year, it had grown by about 30 percent but only went up 20 percent this year as competition from TikTok continued to heat up. YouTube has responded by expanding its support of Shorts for creators and viewers, but the growth fell short of analyst expectations, and prices of its shares dropped by about 7 percent in after-hours trading.
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