The parent company of Google’s diluted earnings per share (EPS) in the reported third quarter ended 31 March 2024 were $1.89, an increase of 61.5%, compared to $1.17 reported in the same quarter of 2023
Alphabet reports revenues of $80.54bn for Q1 2024. (Credit: Outreach Pete/Wikimedia Commons)
Alphabet has reported a net income of $23.6bn for the first quarter of 2024, a 57% increase compared to $15.05bn for the same quarter of the previous year.
In the previous quarter, Q4 2023, the parent company of Google posted a net income of $20.68bn.
Alphabet’s diluted earnings per share (EPS) in the reported first quarter ended 31 March 2024 were $1.89, an increase of 61.5%, compared to $1.17 reported in the same quarter of 2023.
The company’s revenues for Q1 2024 were up by 15.4% to $80.54bn, compared to $69.78bn in Q1 2023. In Q4 2023, Alphabet’s revenues were $86.31bn.
Alphabet and Google president and CFO Ruth Porat said: “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 revenues of $80.5 billion, up 15% year-on-year, and operating margin expansion.”
Alphabet earned $61.65bn in revenues from its Google advertising business for Q1 2024, an increase of 13% compared to $54.54bn in the same quarter of 2023. These include revenues from Google Search and others ($46.15bn), YouTube ads ($8bn), and Google Network ($7.41bn).
The total revenues earned by the Google Services business in Q1 2024 were $70.4bn, a 13.6% increase, compared to $61.96bn in Q1 2023.
Google Cloud earned revenues of $9.57bn for the reported quarter, an increase of 28.44% compared to $7.45bn in the corresponding period of 2023.
Alphabet and Google CEO Sundar Pichai said: “Our results in the first quarter reflect strong performance from Search, YouTube and Cloud.
“We are well underway 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.”
Earlier this year, Google revealed its plans to invest $1bn in a new data centre in the UK. The proposed facility upon its completion is expected to bring significant compute capacity to businesses across the UK.