Photo by Annegret Hilse (Reuters/Scanpix).
U.S. tech giant Alphabet, which owns Google, said on Thursday that it grew profits and revenue in the first quarter of this year. The company also announced the first dividends paid in history. Therefore, the company’s share jumped by 14%.
According to CNBC, in the last quarter, Alphabet grew its revenue the fastest in the last two years – 15%. The company received 80.54 billion USD revenue compared to USD 78.59 billion. USD, which was expected by LSEG analysts.
EPS came in at $1.89, compared to the $1.51 analysts at LSEG were forecasting.
The company also announced its first dividend and $70 billion. redemption of shares worth USD.
Alphabet’s board has approved a dividend of $0.20 per share, which will be paid to shareholders on June 17th. The company said it plans to pay dividends quarterly in the future.
Alphabet assured on Thursday that it continues to invest heavily in artificial intelligence technologies and their integration into its products.
According to Sundar Pichai, Google’s CEO, the company’s leadership in AI research and infrastructure and its global product base make it well-positioned for the next wave of AI innovation.
The after-hours jump in shares pushed Alphabet’s market value above $2 trillion. USD.
The company also beat Wall Street’s expectations for ad revenue on YouTube and cash flow from cloud services.
Alphabet received $8.09 billion. $7.72 billion from YouTube ads, compared with StreetAccount analysts’ expectations of $7.72 billion. USD. Google’s core advertising business also grew, recording a marked recovery after inflation forced businesses to cut back on ad spending.
Google reported total ad sales of $61.66 billion. USD, when a year ago it was 54.55 billion. USD.
Operating income in Google’s cloud business more than quadrupled to $900 million. USD, which showed that the company is finally getting a decent profit after years of investing heavily here to keep up with Amazon Web Services and Microsoft Azure.
The revenue of the company’s product Google Cloud reached 9.57 billion. $9.35 billion compared to StreetAccount’s forecast. USD.
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