Google parent company Alphabet announced that it earned a net income of $16.4 billion on revenues of $68 billion in the quarter ending March 31. Those figures represent a loss of 8.3 percent and a gain of 23 percent when compared to the same quarter one year ago.

“Q1 saw strong growth in Search and Cloud, in particular, which are both helping people and businesses as the digital transformation continues,” Google and Alphabet CEO Sundar Pichai said. “We’ll keep investing in great products and services, and creating opportunities for partners and local communities around the world.”

Alphabet’s profit decline was due to a $1.07 billion loss from the value of Google’s investments, the firm reported. But no worries, folks, its advertising business grew by over 22 percent year-over-year (YOY) to $54.7 billion. Advertising now accounts for over 80 percent of Alphabet’s overall revenues.

Google/Alphabet’s other businesses were less impressive. Google Cloud contributed $5.8 billion in revenues, up 31 percent YOY, though the business lost $931 million in the quarter. And Google “other” contributed $6.8 billion in revenues, up 4.4 percent.