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Alphabet Shares Jump 13%, Announces First Dividend, $70B Buyback After Q1 Beat

Apr 25, 2024, 11:40 PM

Alphabet Inc., the parent company of Google, reported a significant earnings beat for Q1 2024, with revenues reaching $80.54 billion compared to estimates of $78.59 billion, and an EPS of $1.89 versus the expected $1.51. This financial performance marked a robust growth in revenue, up 15% year-over-year, and net income, which soared 57% YoY. Alphabet announced its first-ever quarterly cash dividend of $0.20 per share and authorized a substantial $70 billion share buyback. The company's cloud segment grew by 28.4%, and YouTube advertising were key growth drivers, with YouTube's ad sales hitting $8.1 billion, a 21% increase year-over-year. Alphabet's shares rose sharply by 13%, contributing to its market capitalization nearing the $2 trillion mark, positioning it to join the elite $2 trillion valuation club alongside Microsoft, Apple, and Nvidia.