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Google Earnings Handily Beat Wall Street Targets. Google Stock Dividend Approved.
https://www.investors.com/news/technology/google-earnings-google-stock-news-q12024/?src=A00220
REINHARDT KRAUSE04:22 PM ET 04/25/2024

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.

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.