SAN FRANCISCO: Alphabet Inc, Alphabet parent company, on Thursday reported its first-quarter revenue at US$80.54 billion, up 15 per cent from the same period last year, reported Xinhua.
Announcing its financial results for the quarter ending March 31, the company said its net income was US$23.66 billion, or US$1.89 of earnings per diluted share, compared with US$15.05 billion, or US$1.17 of earnings per diluted share in the same period of 2023.
Among the entire quarterly revenue of US$80.54 billion, US$70.40 billion came from Google Services, compared with US$61.96 billion in the first quarter of 2023.
The quarterly financial report also showed that Google Cloud sales grew to US$9.57 billion from US$7.45 billion in the same period of 2023.
Alphabet’s Board of Directors approved the initiation of a cash dividend programme and declared a cash dividend of US$0.20 per share that will be paid on June 17, 2024, to stockholders of record as of June 10, 2024. It also authorised the company to repurchase up to an additional US$70.0 billion of its Class A and Class C shares.
“Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way with our Gemini era and there’s great momentum across the company. Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation,” said Sundar Pichai, CEO of Alphabet. – BERNAMA-XINHUA
