Alphabet Reports Strong Q1 Results, Beats Analyst Expectations
Alphabet Inc (GOOGL) disclosed its financial performance for the first quarter on Thursday following the market's close, revealing noteworthy insights into the tech giant's economic health during this period.
The quarter saw a robust 15% year-over-year surge in revenue for Google’s parent company, Alphabet, reaching an impressive $80.539 billion. This figure exceeded analysts’ consensus estimate of $78.594 billion. Additionally, the company reported earnings of $1.89 per share, surpassing analyst forecasts of $1.51 per share.
Notably, Alphabet has consistently outperformed analyst expectations for both revenue and earnings over the past five quarters, indicating a trend of sustained financial strength.
Segment-wise, Google Search generated revenue of $46.156 billion, while YouTube advertising revenue amounted to $8.09 billion. Meanwhile, Google Cloud’s revenue stood at $9.574 billion for the quarter, underscoring the diverse revenue streams contributing to Alphabet’s success.
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Sundar Pichai, CEO of Alphabet, expressed satisfaction with the company’s performance, stating, “Our first-quarter results reflect strong contributions from Search, YouTube, and Cloud. We are making significant progress in our Gemini era, with momentum across the company. Our leadership in AI research and infrastructure, coupled with our global product presence, positions us well for the next wave of AI innovation.”
In a strategic move, Alphabet’s board also authorized a share repurchase program of up to $70 billion, signaling confidence in the company’s future prospects.
Furthermore, Alphabet announced its inaugural quarterly dividend of 20 cents per share, payable on June 17 to shareholders of record as of June 10. This marks a significant milestone for the company, as it plans to continue distributing quarterly cash dividends moving forward.
Alexander Stefanov
Reporter at CoinsPress
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