Alphabet earnings Q1 2024 revenue YouTube ad revenue Google AI investments Alphabet stock performance cloud services growth tech earnings report

Alphabet announced its first quarter earnings on Wednesday after market close, revealing revenue of $109.9 billion for the period. This figure exceeded Wall Street expectations of $106.8 billion, as reported by Yahoo Finance.

Diluted earnings per share also surpassed projections, coming in at $2.81 compared to the estimated $2.62 per share.

YouTube’s ad revenue grew by 11% during the quarter, totaling $9.88 billion.

The company now boasts over 350 million paid subscriptions, primarily driven by YouTube and Google One.

AI and Cloud Investments Fuel Growth

Wall Street anticipated another quarter of growth tied to artificial intelligence and cloud services. Over the past year, Alphabet’s stock has surged by more than 114%, largely attributed to these two divisions. Notably, the company has now beaten earnings estimates for 10 consecutive quarters.

R&D Spending Soars 25.6% to $17 Billion

Alphabet significantly increased its research and development investments in Q1. Costs in this area rose by 25.6%, reaching $17 billion, likely reflecting the company’s ongoing commitment to AI advancements.

Source: The Wrap
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