Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) reported first-quarter results after Wednesday’s closing bell, beating analyst estimates on the top and bottom lines.
Here's a look at the details inside the report.
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GOOG Q1 Details
Alphabet reported quarterly earnings of $5.11 per share, which blew past the analyst consensus estimate of $2.62 by 95.04%, according to Benzinga Pro data.
Quarterly revenue clocked in at $109.9 billion, which beat the Street estimate of $106.93 billion and was up from $90.23 billion in the same period last year.
Google Services revenues grew 16% to $89.6 billion and Google Cloud revenues were up 63% year-on-year to $20 billion.
Consolidated Alphabet operating income increased 30% and operating margin expanded by 2 percentage points to 36.1% in the quarter.
The company announced a 5% increase to the dividend, resulting in a quarterly cash dividend of $0.22.
“This was our strongest quarter ever for our consumer AI plans, driven by the Gemini App. Overall the number of paid subscriptions has now reached 350 million, with YouTube and Google One being the key drivers,” Alphabet CEO Sundar Pichai said.
“Gemini Enterprise has great momentum with 40% quarter on quarter growth in paid monthly active users. And, finally, I’m pleased to see Waymo surpass 500,000 fully autonomous rides a week,” Pichai added.
GOOG Stock Price: According to data from Benzinga Pro, Alphabet stock was up 0.34% to $351 in Wednesday's extended trading.
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