Just in:
Gold Loses Shine as Investors Eye Interest Rate Decisions // China Steers Toward Electric Vehicle Leadership // Navigating AI landscape: Fostering digital agility and resilience // Cracking Down on Exploitation: UAE Outlines Penalties for Organized Begging // Supreme Court deals another blow to govt, SBI in electoral bond case // Kenanga Investors Receives 2024 Lipper Recognition for Consistent Fund Performance // Stepping into History: Saudi Arabia Launches Virtual Realm for Cultural Exploration // Whisky Hammer celebrates landmark 100th auction – its largest to date featuring over 5,000 lots // Adapting to the Digital Evolution: Strategies for Online Trading in the UAE // Emirati Spacefarers Chart New Territory in Scientific Research // Andertoons by Mark Anderson for Mon, 18 Mar 2024 // Andertoons by Mark Anderson for Tue, 19 Mar 2024 // Dubai Holding’s Consolidation Move Raises Questions About Property Market Stability // HKSTP Unveils Top 74 Global Startups Confirmed for EPiC 2024 Grand Finale // Fidelity Eyes Staking Rewards with Updated Ethereum ETF Proposal // 2024 China Corporate Payment Survey: Payment delays continued to shorten, but corporates increasingly cautious // Sharjah Government Announces Remote Work for Employees // CAA’s Implementation Just Before National Election Looks Purely Political // Maldives Tourism Triumphs: Visitor Numbers Surpass 100,000 for Third Consecutive Month This Year // Mudrex Offers Indian Investors Access to US Bitcoin ETFs //
HomeBiz TechAlphabet beats Q1 earnings expectations

Alphabet beats Q1 earnings expectations

1493333559 ai ml google header

ai-ml-google-header.jpg

Google parent company Alphabet reported first quarter financial results Thursday that came in above estimates.

The tech giant reported non-GAAP earnings were $7.73 per share on a revenue of $24.8 billion, up 22 percent year-over-year, when including traffic acquisition costs (TAC).

ADVERTISEMENT

Wall Street was looking for earnings of $7.40 per share with $24.2 billion in revenue.

Net revenue excluding TAC was expected to be $19.81 billion.

Alphabet delivered $20.17 billion in revenue excluding TAC. Net income was $5.43 billion.

Google revenues made up the bulk of Q1 sales with $24.5 billion in revenue, down slightly from $25.8 billion the previous quarter. The Google umbrella covers the company’s enterprise cloud, software and data management products. The biggest contributor was mobile growth, said Alphabet CFO Ruth Porat.

Porat also said the Google cloud platform is one of fasted growing businesses across Alphabet.

The company’s total advertising revenue was $21.4 billion. Aggregate cost-per-click fell 19 percent, but aggregate paid clicks were up 44 percent compared to the same quarter a year ago.

In the Other Bets category, which houses Waymo, Nest, Fiber, Alphabet’s healthcare-driven initiatives and other speculative projects, Alphabet posted revenue of $244 million over the quarter, with operating losses of $855 million. Last quarter, losses in this category totaled $1.1 billion. Porat said Nest, Verily and Fiber drove most of the Other Bets revenue in Q1.

On the conference call, Google CEO Sundar Pichai once again highlighted the company’s work around machine learning and artificial intelligence.

“Advances in machine learning are helping us make many Google products better,” Pichai said. “We continue to set the pace in machine learning and AI usage.”

Looking forward toward the second quarter, Wall Street is expecting non-GAAP earnings of $8.05 per share with $25.3 billion in revenue.

(via PCMag)

ADVERTISEMENT

ADVERTISEMENT
Just in:
Kenanga Investors Receives 2024 Lipper Recognition for Consistent Fund Performance // 100 days of UAE’s COP28 presidency: Bouquets and brickbats // National Push for Healthier Plates: Ministry Launches Campaign on Balanced Diets // VinFast Founder launches Global EV Charging Stations Company V-Green // Maldives Tourism Triumphs: Visitor Numbers Surpass 100,000 for Third Consecutive Month This Year // ViewQwest Commits to Responsible Innovation in Brand Refresh // HKSTP Unveils Top 74 Global Startups Confirmed for EPiC 2024 Grand Finale // Cogent Realty Advisors Launches Guide to Most Collaborative Office Space for AI and Tech Companies In Downtown NYC // Andertoons by Mark Anderson for Mon, 18 Mar 2024 // Gold Loses Shine as Investors Eye Interest Rate Decisions // Supreme Court deals another blow to govt, SBI in electoral bond case // CAA’s Implementation Just Before National Election Looks Purely Political // Whisky Hammer celebrates landmark 100th auction – its largest to date featuring over 5,000 lots // Cracking Down on Exploitation: UAE Outlines Penalties for Organized Begging // Axe Management Partners Completes Purchase of Three Osaka Hotels from CapitaLand Ascott Trust // Adapting to the Digital Evolution: Strategies for Online Trading in the UAE // Mudrex Offers Indian Investors Access to US Bitcoin ETFs // Stepping into History: Saudi Arabia Launches Virtual Realm for Cultural Exploration // Lingnan launches LingnanVerse 2.0 BETA to attract top students from all over the world // China Tower (788.HK) Announces 2023 Annual Results //