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Alphabet Shares Gain 9% Following Q1 Earnings Beat & First-Ever Dividend
Apr 26, 2024 4:26 PM - Davit Kirakosyan
Image credit: FMP
Alphabet (NASDAQ:GOOG) shares soared over 9% intra-day today, reaching a record high, following the company's announcement of its fiscal Q1/24 results, which exceeded Wall Street expectations.
The company reported earnings per share (EPS) of $1.89, surpassing the consensus estimates of $1.51. Revenue also topped expectations, coming in at $80.54 billion against the anticipated $78.71 billion.
The quarter saw a significant year-over-year increase in operating income, rising 46% to $25.5 billion, with net income reaching $58 billion, or $1.89 per diluted share.
In a strategic move, the company declared its first-ever dividend at 20 cents per share and announced a new $70 billion share repurchase program, signaling a robust return of capital even as it continues to heavily invest in expanding its data center capabilities, particularly in generative AI.
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