Alphabet welcomes once-in-a-generation AI opportunity as revenue grows | Technology

Shares of Alphabet, the owner of Google and YouTube, soared after the company issued its first-ever dividend and revealed that profits soared last quarter.

CEO Sundar Pichai hailed the move to artificial intelligence as a once-in-a-generation opportunity as the company races to integrate technology across its business.

Investors welcomed news of corporate earnings and a $70 billion share buyback.

Google reported revenue for the first quarter of 2024 of $80.5 billion, an increase of 15% year-on-year, and earnings per share of $1.89, both exceeding analysts' expectations of $1.17.

Alphabet's stock rose about 15% in after-hours trading. The company also announced an initial dividend of $0.20 per share and said payments would be quarterly.

First quarter results reflected strong performance in search, YouTube and cloud. The company is well on its way through the Gemini era and there is great momentum across the company, Pichai said in a press release.

Alphabet CFO Ruth Porat said revenue from Google Search ads and revenue from Google Cloud drove overall positive growth. Revenues from YouTube and Google Cloud exceeded Wall Street expectations, and Cloud's operating profit quadrupled to $900 million. Traffic acquisition costs, one of Alphabets' main expenses, increased as well, by 10%. Like Google, Meta also paid its first-ever dividend in February.

Nikhil Rai, senior analyst at Forrester Research, said Alphabet had a better-than-expected quarter, supported by strong search and YouTube ad revenue, as it monetized conversational search and branded media measurement challenges. He said the uncertainty about how to do so has not yet affected Alphabet's earnings.

In recent weeks, turmoil both internally and externally has rocked Google. The financial report comes amid employee protests over Google's Cloud contract with the Israeli government, which resulted in the firing of 48 employees. Antitrust decisions regarding the company's business practices and role in the digital advertising market are also a major issue. The company failed to roll out its new Gemini AI tool in February, leading to a significant drop in stock price, but the tech giant appears to have shaken it off.

Long seen as a place with many high-paying, hard-to-lose jobs, Google laid off 1,000 employees in January as it continued to shift resources to generative artificial intelligence projects. However, Alphabet's stock continued to rise during this period, reaching an all-time high this year.

The company's stock continues to rise as it awaits a ruling in a landmark antitrust case that began last year, in which the Justice Department accused Google of illegally monopolizing internet search and digital advertising markets. There is. In a weeks-long lawsuit, Google defended its business practices and argued that its search platform was simply a better product than its competitors. A verdict is expected at some point this year, but it's unclear what disciplinary action Google will face if found guilty.

Google faces a number of other legal challenges, including a $2.3 billion lawsuit from a European media company over its digital advertising practices. The European Commission imposed a $2.7 billion antitrust fine on Google, but the company is appealing the fine after a court upheld the fine in January.

The company's stock price fell earlier this year amid investor concerns over the haphazard and hasty rollout of its Gemini AI tools, leading to a multibillion-dollar selloff and widespread criticism. Pichai was put on the defensive in February after the Geminis image generator created ahistorical images that included people of color as German World War II soldiers, resulting in the company suspending public access to the tool.

Google has also faced increased scrutiny and protests in recent weeks over its $1.2 billion contract with the Israeli government to provide cloud computing services. Google fired 40 employees for protesting the program, and protesters accused Google of complicity in Israel's war in Gaza. Employees staged sit-ins at Google's Sunnyvale and New York offices to protest the program, resulting in arrests and firings.

Pichai addressed the firings in an email last week, saying Google is not the place to fight over disruptive issues or discuss politics. He also announced a reorganization of parts of Google. Google also announced additional layoffs around the same time, laying off an unspecified number of employees.

Sources 1/ https://Google.com/ 2/ https://www.theguardian.com/technology/2024/apr/25/google-revenue-quarter-one The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos