Alphabet reported Q1 earnings and surpassed Wall Street expectation|Anthony Quintano|CC BY 2.0
Alphabet, the parent company of Google, announced its first-ever cash dividend—a massive $70 billion in stock buybacks after it disclosed its first-quarter revenue yesterday, which exceeded Wall Street’s expectations.
The tech giant’s stock surged by as much as 13% in after-hours trading.
The company’s earnings report for the first quarter showed impressive results, with revenue surpassing expectations at over $80.5 billion—up 15% from the previous year and profits climbing by 57% to nearly $23.7 billion.
CEO Sundar Pichai credited these achievements to investments in artificial intelligence (AI), notably the Gemini suite.