Alphabet Inc. (GOOG) has released results showing that it has continued to earn vast amounts of revenue from digital advertising, while also looking forward to the possibility of AI adding to its range of products.
Alphabet Pays The First Dividend In Its History
Google’s parent company had a poor spell in 2022 but is now back on track. Executives are so pleased with GOOG’s performance that they have agreed to pay shareholders the first quarterly dividend since the company’s public launch at an IPO in 2004. The dividend of $0.20 per share will be paid to shareholders on 17 June 2024.
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In the first three months of 2024, revenue was $80.54bn, which is 15% higher than the same period last year and exceeded analysts’ expectations. This is the fourth quarter in a row in which Alphabet has achieved year-on-year growth in revenue. Advertising revenue, mainly from the Google search engine, made up $61.66bn of its overall revenue in this quarter, which is 13% higher than last year’s numbers.
Earnings of $23.66bn, expressed as $1.89 per share, represent a 57% jump from Q1 2023. These results drove an increase of almost 16% in the GOOG share price during the extended trading hours on Thursday.
Looking ahead, the US Department of Justice’s claims that Google holds an unfair advantage over its competition has led to an antitrust case that could be settled by the end of this year, with the closing arguments due to be heard next week.
