Alphabet Q1 Earnings: Revenue Beat, EPS Beat, $70B Buyback, First-Ever Dividend, AI Leadership And More

Author: Adam Eckert | April 25, 2024 04:30pm

Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) reported financial results for the first quarter Thursday after the bell. Here's a look at the key metrics from the quarter.

Q1 Earnings: Google parent Alphabet said its first-quarter revenue increased 15% year-over-year to $80.539 billion, beating the consensus estimate of $78.594 billion. The company reported quarterly earnings of $1.89 per share, beating analyst estimates of $1.51 per share.

Alphabet has now beat analyst estimates on both the top and bottom lines in five consecutive quarters, according to earnings data from Benzinga Pro.

Google Search revenue was $46.156 billion in the quarter, YouTube advertising revenue came in at $8.09 billion and Google Cloud revenue totaled $9.574 billion.

"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.

Alphabet's board authorized an additional share repurchase program of up to $70 billion. 

The company also announced its first-ever quarterly dividend. Alphabet's board declared a cash dividend of 20 cents per share to be paid on June 17 to shareholders of record as of June 10. Alphabet noted that it plans to pay quarterly cash dividends moving forward.

Alphabet did not provide forward guidance in the earnings release. Management will hold a conference call to discuss these results at 4:30 p.m. ET.

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GOOG Price Action: Alphabet shares were up 12.2% after hours at $177.11 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.

Posted In: GOOG GOOGL