Alphabet Q1 2024 Earnings

Alphabet Q1 2024 Earnings

The company's Stock Surgess 14% on Stellar Earnings Performance and First-ever Dividend

Alphabet for the first quarter reported revenue of $80.5 billion making a 15% increase compared to the previous year. This growth rate represents the company's swiftest expansion since the beginning of 2022.


On a Segmental basis, the company's YouTube advertising business reported revenue of $8.09 billion as compared to $6.69 billion in the same period a year ago increased by 17% YoY. Google Cloud revenue experienced a robust growth of nearly 30% for the second consecutive quarter compared to the same period a year ago, surpassing $9.5 billion.


Google disclosed a total of $61.66 billion in ad sales, representing an increase of 11.5% from $54.55 billion reported a year prior. This growth indicates a resurgence in Google's core advertising enterprise following challenging years in 2022 and 2023. During this period, concerns over rising interest rates and inflation prompted brands to reduce their expenditures.



The company disclosed a remarkable 57% increase in profits compared to the previous year, reaching close to $23.7 billion.


Alphabet revealed capital expenditures totaling $12 billion for the quarter, primarily allocated to servers and data centers. CFO Ruth Porat noted during the call that similar levels of spending are anticipated in the upcoming quarters, signaling the company's confidence in its investments in AI.


Operating income in Google's cloud division skyrocketed, reaching $900 million, marking a more than fourfold increase. This significant jump underscores the company's achievement in generating substantial profits after years of heavy investment aimed at competing with industry giants like Amazon Web Services and Microsoft Azure.


Alphabet announced that its board has sanctioned a cash dividend of 20 cents per share, scheduled to be disbursed on June 17 to stockholders recorded as of June 10. Additionally, the company stated its intention to continue paying quarterly cash dividends in the future.


The company also disclosed that its board has approved the repurchase of an additional $70 billion in shares, to be conducted in a manner considered beneficial for the company and its stockholders. Alphabet concluded the quarter with cash, equivalents, and marketable securities amounting to $108 billion, a slight decrease from $110.9 billion reported a year earlier.


Alphabet's shares surged by 14% in after-hours trading on 25th April following the release of its earnings report, which highlighted significant profit growth in its cloud division and the announcement of its inaugural dividend. This increase propelled Alphabet's market capitalization beyond $2 trillion.

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