April 26, 2024 – Alphabet Inc., the parent company of Google, released its latest quarterly financial report on Thursday, revealing impressive revenue growth. According to the report, the company generated $805.4 billion in revenue for the first quarter of this year, representing a 15% increase compared to the same period last year. This revenue growth has been accelerating for four consecutive quarters, surpassing the expectations of Wall Street analysts, including FactSet Research.
In a notable development, Alphabet announced plans to pay a quarterly dividend to shareholders for the first time since Google went public 20 years ago. This dividend payment, scheduled for June 17th at $0.20 per share, further underscores the company’s recovery from the pandemic-induced slump and renewed momentum.
Investing.com analyst Thomas Monteiro praised the decision to pay dividends as “a breath of fresh air for the technology market.” He believes this move will likely increase investor support for Google’s potential need to raise additional funds for the development of artificial intelligence products, which may require several years to generate returns.
Alphabet reported a profit of 236.6billion,or1.89 per share, representing a 57% increase compared to the same period last year. Earnings per share also exceeded analysts’ expectations.
Following the announcement, Alphabet’s stock price surged nearly 13% in after-hours trading on Thursday. If the stock continues on a similar growth trajectory on Friday, the company’s market capitalization could potentially exceed $2 trillion.
