Alphabet Inc (Nasdaq: GOOGL) says it performed better than Street expectations in its first financial quarter. Shares of the tech titan are in the green in after-hours.
Google stock rallies on solid ad revenue
Investors are rewarding the multinational partially on solid growth in ad revenue. Google generated $61.65 billion in revenue from advertising in Q1 – up significantly versus $54.54 billion in the same quarter last year. Ruth Porat – its chief financial officer said in a press release today:
Our strong financial results reflect revenue strength across the company and ongoing efforts to durably reengineer our cost base.
Wall Street currently has a consensus “overweight” rating on $GOOGL.
Google Cloud did well in fiscal Q1
Alphabet saw better-than-expected annualised growth in YouTube as well.Also a positive was Google Cloud that brought in $9.57 billion in the recently concluded quarter. Experts, in comparison, were at $9.35 billion. According to CEO Sundar Pichai:
We are well under way with our Gemini era and there’s great momentum across the company.
Google stock is currently up more than 35% versus its year-to-date low.
Google just rolled out a massive upgrade.
AI is now inside Google Photos, and it’s free.
Here are new AI features that you can’t miss out: 🧵 👇 pic.twitter.com/0BKbgK25sB
— Madni Aghadi (@hey_madni) April 25, 2024
Google Q1 earnings snapshot
Google announced its first-ever quarterly dividend of 20 cents a share on Thursday. Its board also authorised another $70 billion in share repurchase, as per the earnings report. CEO Pichai also said on Thursday:
Our leadership in AI research and infrastructure, and global product footprint, position us well for the next wave of AI innovation.
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