Google's parent company Alphabet announces first quarter 2024 financial results, YouTube advertising revenue up 21% year-on-year to hit record high
Alphabet, the parent company of Google and YouTube, announced its financial results for the first quarter (January to March) of 2024. According to the financial results, YouTube's advertising revenue for the same period increased by 21% compared to the same period last year, and Google also recorded increased revenue and profits in its cloud and advertising divisions.
Alphabet Announces First Quarter 2024 Results
(PDF file)
Google parent announces first-ever dividend; beats on sales, profit; shares soar | Reuters
https://www.reuters.com/technology/google-parent-alphabet-announces-first-ever-divided-20-cents-per-share-2024-04-25/
YouTube Q1 Ad Revenue Climbs 21% to $8 Billion
https://variety.com/2024/digital/news/youtube-q1-2024-revenue-alphabet-earnings-1235982528/
On April 25, 2024, Alphabet announced its financial results for the first quarter of 2024. Total sales for the first quarter of 2024 increased 15% year-on-year to $80.54 billion (approximately 12.53 trillion yen).
Revenues can be roughly categorized into four categories: 'Google services in general,' 'Google Cloud,' 'Other,' and 'Hedging profit and loss.' Of these, revenues related to Google search, YouTube advertising revenues, and Google advertising revenues are included in 'Google services in general.'
In the first quarter of 2024, 'general Google services' sales increased 14% year-on-year to $70.4 billion (approximately 10.95 trillion yen), with Google search-related sales increasing 14% year-on-year to $46.16 billion (approximately 7.18 trillion yen), YouTube advertising sales increasing 21% year-on-year to $8.09 billion (approximately 1.26 trillion yen), Google network sales decreased 1% year-on-year to $7.41 billion (approximately 1.15 trillion yen), and Google-related service subscription and device-related sales increased 18% year-on-year to $8.74 billion (approximately 1.36 trillion yen).
In addition, Google Cloud sales increased 28% year-on-year to $9.57 billion (approximately 1.49 trillion yen), other sales increased 72% year-on-year to $495 million (approximately 77 billion yen), and hedging profits and losses decreased 14% year-on-year to $72 million (approximately 11 billion yen).
Commenting on Alphabet's first quarter 2024 financial results, Sundar Pichai said, 'The results reflect strong performance from Google Search, YouTube and Google Cloud. Our leadership in AI research and infrastructure, and global product reach, position us well for the next wave of AI innovation.'
Alphabet also announced that it will buy back its own shares and pay its first dividend in conjunction with its financial results for the first quarter of 2024. The dividend will be $0.20 (approximately 31 yen) per share, and the share buyback will be worth up to $70 billion (approximately 1.9 trillion yen). 'Alphabet's dividend payment and share buyback based on its strong performance not only breathes fresh air across the tech market, but is also a very smart strategy for the search engine giant as it faces a tough 2024,' said Thomas Monteiro, a senior analyst at financial media Investing.com.
In addition, Alphabet's stock price rose nearly 16% in after-hours trading upon the announcement of its first quarter 2024 financial results. Meanwhile, Alphabet also revealed that as of the end of March 2024, its total employee headcount was 180,895, down 5% from the same period last year.
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