Alphabet today announced Q1 2024 earnings with $80.54 billion in revenue. These numbers range from January to March and start the fiscal year.
Revenue is up 15% from $69.8 billion in Q1 2023, with operating income at $25.5 billion and net income of $23.66 billion for this quarter (versus $15.05 billion a year ago). For comparison, Alphabet reported $86 billion in revenue and $20.7 billion in net income last quarter.
Our results in the first quarter reflect strong performance from Search, YouTube and
Sundar Pichai, CEO
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
Our strong financial results for the first quarter reflect revenue strength across the company and ongoing efforts to durably reengineer our cost base. We delivered
Ruth Porat, President and Chief Investment Officer; CFO
revenues of $80.5 billion, up 15% year-on-year, and operating margin expansion.
In Q1 2024, YouTube ad revenue was $8.09 billion (versus $6.69 billion a year ago), while Cloud reported $9.57 billion (compared to $7.45 billion).
“Google subscriptions, platforms, and devices” (previously “Google other”) — which includes hardware, Play Store, and non-advertising YouTube revenues — reported $8.74 billion, compared to $7.41 billion the same quarter last year.
“Other Bets” continues to lose money. However, it reported $495 million revenue from $288 million in Q1 of 2023. However, it lost $1.02 billion compared to $1.2 billion in the same quarter of last year.
Alphabet’s Board of Directors today approved the initiation of a cash dividend program, and declared a cash dividend of $0.20 per share that will be paid on June 17, 2024, to stockholders of record as of June 10, 2024, on each of the company’s Class A, Class B, and Class C shares. The company intends to pay quarterly cash dividends in the future, subject to review and approval by the company’s Board of Directors in its sole discretion.
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