- Shares of Google owners Alphabet (NDAQ:GOOG) were up around 10 per cent in early Friday trading after better-than-expected Q1 earnings
- Boosted by growth in its cloud computing unit, the company reported US$80.54 billion in revenue for the quarter ended March 31
- The company also authorized its first dividend, as well as a US$70 billion stock buyback
- Alphabet stock opened trading at US$175.99 per share
Shares of Google owners Alphabet (NDAQ:GOOG) were up around 10 per cent in early Friday trading following better-than-expected Q1 earnings.
Boosted by growth in its cloud computing unit, the company reported US$80.54 billion in revenue for the quarter ended March 31. According to LSEG data, analysts expected revenue to be just US$78.59 billion.
The company also authorized its first dividend of $0.20 a share, as well as a US$70 billion stock buyback.
The Google parent’s revenue was supported by increasing adoption of artificial intelligence and its advertising business, which grew by 13 per cent in Q1 2024 to US$61.7 billion.
This marks a notable turnaround from its Q4 2023, where ad sales missed the mark and its shares fell in the face of rising competition from the likes of Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Chat GPT.
Alphabet Inc. is one of the world’s largest diversified technology companies. The company’s segments include Google Services, Google Cloud, and Other Bets. The Google Services segment includes products and services such as ads, Android, Chrome, devices, Google Maps, Google Play, Search and YouTube.
Alphabet Inc. stock (NDAQ:GOOG) opened trading at US$175.99 per share. The stock climbed 9.58 per cent this week and is up by 65.14 per cent year-over-year.
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