Following the earnings report’s release, Alphabet’s stock market value climbed by almost $300 billion, reaching over $2 trillion. This was due to the company’s nearly 16% after-hours share jump.
CEO Sundar Pichai praised Google’s artificial intelligence (AI) offerings as a benefit to the company’s primary search results on a call to discuss the results. “We are encouraged that we are seeing an increase in search usage among people who are using the AI overviews,” he said. “We are seeing both positive and negative trends.”
According to the figures provided by LSEG, the revenue for the quarter ending on March 31 was $80.54 billion, significantly more than the projections of $78.59 billion.
In a move that cheered investors and sent the stock soaring over 16% after the bell, Alphabet revealed on Thursday that it will be paying its first-ever dividend and repurchasing $70 billion.
The number of generative artificial intelligence products that rely on cloud services to provide the technology to clients increased, and Google Cloud’s revenue increased by 28% during the first quarter.
The amount of capital expenditures made by Alphabet was $12 billion, representing a 91% increase from the previous year. Hanna Howard, the portfolio manager at Gabelli Funds, referred to this figure as “higher than anticipated.”
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