Google’s Q1 2024 Earnings Report: A Strong Performance

Google recently released its first-quarter earnings report for 2024, showcasing impressive growth in various areas of the business. Here are some key highlights from the report:

– Advertising revenue surged during the first quarter, with Google Search experiencing a 14.4% increase to $46.2 billion and YouTube ad revenue rising by a strong 21% to $8.09 billion.
– Overall Google advertising revenue reached $61.7 billion, marking a significant 13% increase from the previous year.
– Revenue from Google subscriptions, platforms, and devices, including Pixel devices, also saw substantial growth at $8.74 billion, up by 17.9%.
– Google Services revenue as a whole reached $70.4 billion, reflecting a 13.6% year-over-year increase.
– The company reported a remarkable 28.4% annual gain in revenue from Google Cloud, totaling $9.57 billion in the first three months of the year.

However, it’s worth noting that traffic acquisition costs rose slightly during this period, costing the company $13 billion to attract traffic to its sites – a 10.5% increase compared to last year.

Despite some challenges, Google’s overall first-quarter revenue reached $80.5 billion – a solid 15.4% hike from the previous year – with income also experiencing significant growth at $25.5 billion.

As a result of these positive results, Alphabet announced its first-ever cash dividend of 20 cents per share for stockholders of record as of June 10, 2024.

Alphabet and Google CEO Sundar Pichai expressed optimism about the company’s future prospects, stating that they are well-positioned for continued success in AI innovation and product development.

Following the release of the earnings report, Alphabet shares experienced a notable increase in after-hours trading, demonstrating investor confidence in the company’s performance.

At Phones Canada, we’re excited to see Google’s continued success and look forward to witnessing their future innovations in the telecommunications industry!