Alphabet earned $80.5 billion in the first quarter of 2024

Google's parent company, Alphabet, announced a historic revenue record in the first quarter of 2024, earning $80.5 billion.

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The report reflects a significant 15% increase in revenue, with net income of $23.66 billion.

The main sources of revenue were the search, YouTube and cloud services segments, which saw significant growth in the first quarter. YouTube's advertising revenue grew by 21% to $8.09 billion, while Google's cloud services revenue exceeded $9.57 billion.

Alphabet's shares jumped 14% after the report was released, reflecting market confidence in the company's high growth trajectory. The company also announced plans to pay a cash dividend of 20 cents per share and spend $70 billion on share buybacks.

Source: Android Police