Google Cloud's CEO says AI will increase revenue by 28% in Q1 2024

growth was seen [Google] The cloud is powered by the benefits that AI brings to customers, Ruth Porat, president, chief investment officer and chief investment officer, said Thursday on Google's parent company Alphabet's Q1 2024 earnings call. Stated.

Google's parent company, Alphabet, attributed its strong first quarter of this year to strong revenue from Google Search and Google Cloud.

Google Cloud, the world's third-largest cloud computing company, had revenue of $9.57 billion in the first quarter of 2024 (ending March 31), an increase of 28% from $7.45 billion in the same period last year. did.

Google CEO Sundar Pichai said the company's cloud business continues to grow by bringing the best of Google's artificial intelligence to business customers around the world.

Our differentiation in the cloud starts with our AI hypercomputers, which provide an efficient and cost-effective infrastructure for training models. Currently, more than 60 percent of his funded GenAI startups and nearly 90 percent of GenAI unicorns are Google Cloud customers, Pichai said.

As an example of the momentum the company is seeing in the cloud thanks to AI, its Google One product, which bundles cloud storage, AI capabilities, and other Google features into one shareable plan, has more than 100 million paid subscribers. I am. Google recently introduced a premium AI plan called Gemini Advanced in Q1.

[Related: Google Cloud Applying AI To Our Whole Partner Incentive Portfolio: Google Exec]

During its Q1 2024 earnings call on Thursday, Google pointed to popular brands such as Bayer, Mercedes-Benz and Walmart that have seen success with generative AI on Google Cloud, Pichai said.

Over the past eight months, the company has released more than 1,000 new products and features as part of Google Cloud Platform.

Google Cloud wasn't profitable until the company reported that the division generated $191 million in operating profit in the first quarter of 2023. Prior to that, the company was investing billions of dollars every quarter to expand its global cloud infrastructure and service reach.

Google Cloud generates revenue from Google Cloud Platform, platform services, infrastructure, and collaboration tools such as Google Workspace. We derive revenue primarily from consumption-based fees and subscriptions from Google Cloud Platform services, Workspace tools, and other services.

Ruth Porat, the company's president, chief investment officer and chief financial officer, said Google Cloud's performance in the first quarter was driven by improved productivity across Google Cloud Platform infrastructure and services, as well as Google Workspace. This reflects strong demand for the tool, he said.

The growth we're seeing across the cloud is driven by the benefits that AI provides to our customers. We will continue to invest aggressively while remaining focused on profitable growth, he said.

Gemini, Google's AI-powered agent, is built into Google Workspace tools like Gmail, Docs, and Sheets. Google recently introduced Gemini for Meetings and Messaging and Gemini for Workspace Security.

Our customers choose Workspace because they trust our strong security and privacy features. Our Cloud His business is now widely recognized as a leader in cybersecurity, Pichai added.

Earlier this month, Google announced that it would combine Google Research and Google DeepMind teams focused on building AI models, a move the company believes will further accelerate advances in AI.

Google Cloud, which generated $900 million in operating profit in the quarter, accounted for nearly 12% of Google's total revenue of $80.54 billion in Q1 2024.

Google beat Wall Street expectations for $78.59 billion in first-quarter results this year. The company also beat Wall Street expectations for YouTube ad revenue and cloud revenue.

Shares of parent company Alphabet rose more than 12% in after-hours trading following the earnings release.

Sources 1/ https://Google.com/ 2/ https://www.crn.com/news/networking/2024/google-cloud-posts-28-percent-revenue-jump-in-q1-2024-thanks-to-ai-says-ceo The mention sources can contact us to remove/changing this article

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