text: Google, said: â€œResilience in Search and momentum in Cloud resulted in Q1 \nconsolidated revenues of $69.8 billion, up 3% year over year, or up 6% in constant currency. We remain committed \nto delivering long-term growth and creating capacity to invest in our most compelling growth areas by re-engineering \nour cost base.â€�\nQ1 2023  financial highlights  (unaudited)\nOur first quarter  2023 results reflect:\ni.$2.6 billion  in charges related to reductions in our workforce and office space; \nii.a $988 million  reduction in depreciation expense from the change in estimated useful life of our servers and \ncertain network equipment; and\niii.a shift in the timing of our annual employee stock-based compensation awards resulting in relatively less  \nstock-based compensation expense recognized in the first quarter compared to the remaining quarters of \nthe ye ar. The shift in timing itself will not affect the amount of stock-based compensation expense over the \nfull fiscal year 2023.\nFor further information, please refer to our blog post also filed with the SEC via Form 8-K on April 20, 2023.\nThe following table summarizes our consolidated financial results for the quarters ended March 31, 2022  and 2023  \n(in millions, except for per share information and percentages). \nQuarter Ended March 31,\n2022 2023\nRevenues $ 68,011 $ 69,787 \nChange in revenues year over year  23 %  3 %\nChange in constant currency revenues year over year(1) 26 %  6 %\nOperating income $ 20,094 $ 17,415 \nOperating margin  30 %  25 %\nOther income (expense), net $ (1,160)