Alphabet (GOOGL) on Thursday reported first-quarter earnings and revenue that handily beat consensus estimates. The company announced its first ever dividend, sending Google stock soaring.
big tech stocks like Apple, Amazon and Google are grappling with antitrust lawsuits. Cato Institute Technology Policy Research Fellow Jennifer Huddleston shares how changing competition policy may shape the tech sector and affect the artificial intelligence revolution.” vid-name=”Apple, Amazon And Google Are Grappling With Antitrust Suits. How The Rulings Could Shape The Hot Tech Sector.” vid-cat=”Industry Insights” vid-date=”03/07/2024″ vid-date-tmsp=”1709803275″ vid-image=”https://www.investors.com/wp-content/uploads/2024/03/iSAQE3SZ-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
X
Reported after the market close, Google earnings came in at $1.89 per share, up 61% from a year earlier. Further, gross revenue rose 15% to $80.54 billion.
Analysts had predicted Google earnings of $1.51 per share on revenue of $78.7 billion.
The tech giant reports earnings under generally accepted accounting principles, also known as GAAP.
Google Stock: Cloud, YouTube Results Beat
Also, advertising revenue rose 13% to $61.66 billion, topping estimates of $60.44 billion.
Meanwhile, YouTube ad revenue rose 21% to $8.1 billion, beating estimates of $7.7 billion.
Google said cloud-computing revenue rose 28% to $9.574 billion, well above estimates of $9.4 billion.
GOOGL stock holds a Composite Rating of 97 out of a best-possible 99, according to IBD Stock Checkup.
On the stock market today, Google stock jumped more than 13% to 176.65 in extended trading.
Further, Alphabet announced a new $70 billion stock buyback.
Heading into the Google earnings report, the big-cap internet stock had advanced 11% in 2024. Shares gained in March on reports of a pending artificial intelligence-related deal with Apple (AAPL). But Google stock retreated in Thursday’s regular session on worries over capital spending soaring as tech giants compete in generative AI.
Google is among AI stocks to watch.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
YOU MAY ALSO LIKE:
Want To Trade Options? Here Are The Basics To Get You Started
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
Learn How To Time The Market With IBD’s ETF Market Strategy
Monitor IBD’s “Breaking Out Today” List For Companies Hitting New Buy Points
Signup bonus from
