Google’s parent company, Alphabet LLC, will pay its first ever dividend, even as the group’s earnings for Q1 2024 exceeds estimates.
The group reported a revenue of $80.5 billion in Q1 2024, marking a 15% year-on-year growth from $69.8 billion posted in Q1 2023. Its net income for the period stood at $23.7 billion.
Based on its strong financial performance during the quarter, it was announced that the group’s board of directors had declared a cash dividend of $0.20 per share. It is noted that it plans to pay quarterly cash dividend to its shareholders in the future.
Speaking on the group’s Q1 2024 result, Sundar Pichai, the CEO noted,
Revenue: $80.5 billion, +15% YoY
Total costs and expenses: $55.1 billion, +5% YoY
Operating income: $25.5 billion, +46% YoY
Operating margin: 32%, +700 bps YoY
Pre-tax profit: $28.3 billion, +56% YoY
Net income: $23.7 billion, +57% YoY
Earnings per share: $1.89, +62% YoY