Alphabet reports revenues, net income jump in first quarter

SAN FRANCISCO, April 25 (Xinhua) -- Alphabet Inc., Google's parent company, on Thursday reported its first-quarter revenue at 80.54 billion U.S. dollars, up 15 percent from the same period last year.

Announcing its financial results for the quarter ending March 31, the company said its net income was 23.66 billion dollars, or 1.89 dollars of earnings per diluted share, compared with 15.05 billion dollars, or 1.17 dollars of earnings per diluted share in the same period of 2023.

Among the entire quarterly revenue of 80.54 billion dollars, 70.40 billion dollars came from Google Services, compared with 61.96 billion dollars in the first quarter of 2023.

The quarterly financial report also showed that Google Cloud sales grew to 9.57 billion dollars from 7.45 billion dollars in the same period of 2023.

Alphabet's Board of Directors approved the initiation of a cash dividend program and declared a cash dividend of 0.20 dollars per share that will be paid on June 17, 2024, to stockholders of record as of June 10, 2024. It also authorized the company to repurchase up to an additional 70.0 billion dollars of its Class A and Class C shares.

"Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way 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," said Sundar Pichai, CEO of Alphabet.