Alphabet Reports $80.5 Billion Q1 Revenue, Announces First-Ever Cash Dividend
Alphabet kicks off its fiscal year with a 15% year-over-year revenue increase driven by Search, YouTube, and Cloud. The tech giant also surprises investors by initiating its first-ever cash dividend program.
Alphabet announces $80.54 billion in revenue for the first quarter of 2024, marking a 15% increase compared to the same period last year. The company reports a net income of $23.66 billion, which shows significant growth from the $15.05 billion earned in Q1 2023. CEO Sundar Pichai credits this strong performance to Search, YouTube, and Cloud, noting that the company experiences great momentum as it enters its "Gemini era" of AI innovation.
Specific business segments demonstrate notable growth across the board. YouTube ad revenue reaches $8.09 billion, up from $6.69 billion a year ago, while Cloud revenue climbs to $9.57 billion compared to $7.45 billion previously. The "Google subscriptions, platforms, and devices" category also sees a healthy boost, generating $8.74 billion in revenue. Meanwhile, the "Other Bets" division continues to operate at a loss of $1.02 billion, though this represents an improvement over the $1.2 billion loss from the same quarter last year.
In a surprise move, Alphabet's Board of Directors approves the initiation of a cash dividend program for the first time in the company's history. The board declares a cash dividend of $0.20 per share, scheduled for payment on June 17, 2024, to stockholders of record as of June 10. The company expresses its intention to continue paying quarterly cash dividends in the future, subject to ongoing approval by the board.