MOUNTAIN VIEW, Calif. >> Google parent Alphabet on Monday reported a jump in first-quarter net income on the back of strong digital ad sales and an accounting adjustment.
The Mountain View, Calif.-based company’s net income surged 73 percent to $9.4 billion, or $13.33 a share. Earnings, adjusted for nonrecurring gains including those from the accounting change, were $9.93 a share.
The internet search leader posted revenue of $31.15 billion in the period. After subtracting Alphabet’s advertising commissions, revenue was $24.86 billion.
Google’s sunny quarter comes amid the backdrop of looming privacy regulations in the U.S. and Europe.
Backlash over Facebook’s “breach of trust” regarding Cambridge Analytica could spark U.S. regulation that would crimp political ad spending on Google properties including YouTube. The Federal Election Commission has begun to review rules around ads that directly support federal candidates, though that would not have prevented Russian meddling in the 2016 U.S. presidential race.
Alaska posts profit as Virgin merger moves on
SEATTLE >> Alaska Air Group reported a small first-quarter profit Monday of $4 million, or 3 cents a share, on revenue of $1.8 billion.
That was down from $93 million, or 75 cents a share, a year ago. But it was a better result than management had forecast at the end of last year, when it predicted a loss for the first quarter due to the continuing costs of the merger with Virgin America and a highly competitive airline market.
Excluding one-time charges, including merger-related costs and $25 million paid out in January to employees in $1,000 bonuses related to federal tax cut legislation, the adjusted earnings figure was 14 cents a share, which beat Wall Street analyst expectations of 12 cents a share.
Alaska Air CEO Brad Tilden said in a news release that the integration of Alaska Airlines with Virgin America is going well.
ON THE MOVE
Lights On Digital, a Honolulu-based digital marketing and revenue management firm, has announced Mi Jin Park as its new senior revenue manager, who will support the company’s growth on the mainland, in Hawaii and throughout international locations. Park has been in the hotel industry for 10 years, including serving as a revenue manager for Aqua-Aston Hospitality in Honolulu and having worked in Highgate Hotels on the revenue management team, located at the Courtyard by Marriott Waikiki Beach.
