Alphabet Q1 Beats with $80.54B Revenue, $8.1B YouTube Ads, First Dividend, Shares Up 13%

Apr 25, 2024, 09:30 PM

Alphabet Inc., the parent company of Google, reported a significant earnings beat for Q1 2024, with revenues reaching $80.54 billion, surpassing estimates of $78.59 billion. The company's earnings per share (EPS) also exceeded expectations at $1.89 compared to the estimated $1.51. This financial performance marks a robust growth, driven by strong results from its Search, YouTube, and Cloud segments. YouTube's advertising revenue alone hit $8.1 billion, indicating a 20% increase from the previous year and beating the estimated $7.73 billion. Additionally, Alphabet announced its first-ever quarterly cash dividend of $0.20 per share and authorized a substantial $70 billion stock buyback program. Alphabet shares rose 13%, reflecting its strong financial health and confidence in sustained growth. Net income for the quarter increased 57% YoY, and operating margins improved to 32%.