Alphabet Inc., the parent company of Google, reported a robust financial performance for the first quarter of 2024, with consolidated revenues reaching $80.539 billion, marking a 15% increase year over year. The growth was primarily driven by a 14% rise in Google Services revenues and a significant 28% surge in Google Cloud revenues. Operating income saw a substantial 46% increase to $25.472 billion, while net income rose by 57% to $23.662 billion. Diluted earnings per share (EPS) also saw a notable jump of 62%, from $1.17 to $1.89. The company's cost of revenues increased by 10%, and operating expenses slightly decreased by 2%. Other income (expense), net, experienced a significant 260% increase. Alphabet's Board of Directors has initiated a cash dividend program, declaring a dividend of $0.20 per share to be paid in June...Show More

Alphabet Inc., the parent company of Google, reported a robust financial performance for the first quarter of 2024, with consolidated revenues reaching $80.539 billion, marking a 15% increase year over year. The growth was primarily driven by a 14% rise in Google Services revenues and a significant 28% surge in Google Cloud revenues. Operating income saw a substantial 46% increase to $25.472 billion, while net income rose by 57% to $23.662 billion. Diluted earnings per share (EPS) also saw a notable jump of 62%, from $1.17 to $1.89. The company's cost of revenues increased by 10%, and operating expenses slightly decreased by 2%. Other income (expense), net, experienced a significant 260% increase. Alphabet's Board of Directors has initiated a cash dividend program, declaring a dividend of $0.20 per share to be paid in June 2024. Additionally, the Board authorized a share repurchase program of up to $70 billion. The company's capital expenditures primarily reflected investments in technical infrastructure, amounting to $12 billion for the quarter. Alphabet ended the quarter with 180,895 employees and expects to continue investing in technical infrastructure to support growth, particularly in AI products and services.