Google parent Alphabet (GOOG, GOOGL) reported first quarter revenue and earnings that topped analysts’ estimates and earned cheers from Wall Street after announcing a cash dividend program of $0.20 per share.
The board of directors also approved a stock repurchases up to an additional $70 billion.
Shares gained more than 13% in after-hours trading Thursday.
“Our results in the first quarter reflect strong performance from Search, YouTube and Cloud,” said CEO Sundar Pichai in a statement. “Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation.”
Here are some of Alphabet’s most significant metrics compared to what Wall Street was expecting in the company’s fiscal fourth quarter, according to data from Bloomberg:
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Revenue, excluding traffic acquisition costs: $67.59 billion vs. $66.07 billion expected ($58.07 billion in Q1 2023)
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Adjusted earnings per share: $1.89 vs. $1.53 expected ($1.17 in Q1 2023)
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Cloud revenue: $9.58 billion vs. $9.37 billion expected ($7.45 billion in Q1 2023)
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Ad revenue: $61.66 billion vs. $60.18 billion expected ($54.55 billion in Q1 2023)
Alphabet’s report arrived a day after its advertising rival and Big Tech peer Meta (META) offered a downbeat Q2 forecast and noted that expenses for the year are growing and that it will take some time before AI investments generate significant revenue.
Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on Twitter @hshaban.
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