Alphabet(US:GOOGL)2024-04-26 00:22Revenue Growth - Revenue increased from $69.787 billion in Q1 2023 to $80.539 billion in Q1 2024, reflecting a growth of approximately 15.4%[11] - Total revenues for Q1 2024 reached $80.539 billion, a 15.4% increase from $69.787 billion in Q1 2023[28] - Total revenues increased from $69.787 billion in March 2023 to $80.539 billion in March 2024[95] - Total revenues increased from $69,787 million in March 2023 to $80,539 million in March 2024, reflecting a growth of 15.4%[11] Net Income and Earnings Per Share - Net income rose from $15.051 billion in Q1 2023 to $23.662 billion in Q1 2024, marking a significant increase of 57.2%[11] - Basic net income per share rose from $1.18 in Q1 2023 to $1.91 in Q1 2024[11] - Net income for Q1 2024 increased to $23.662 billion, up from $15.051 billion in Q1 2023[19] - Net income increased from $15,051 million in Q1 2023 to $23,662 million in Q1 2024, a significant growth[19] - Alphabet's net income per share for Class A, Class B, and Class C stock was $1.91 for Q1 2024[88] - Diluted net income per share increased from $1.17 in March 2023 to $1.89 in March 2024[11] Cost and Expenses - Cost of revenues increased from $30.612 billion in Q1 2023 to $33.712 billion in Q1 2024, a rise of 10.1%[11] - Research and development expenses increased slightly from $11.468 billion in Q1 2023 to $11.903 billion in Q1 2024[11] - Research and development expenses increased slightly from $11,468 million in March 2023 to $11,903 million in March 2024[11] - Total stock-based compensation (SBC) expense was $5.3 billion for the three months ended March 31, 2023 and 2024[89] Assets and Liabilities - Total assets grew from $402.392 billion as of December 31, 2023, to $407.350 billion as of March 31, 2024[9] - Total liabilities decreased from $119.013 billion as of December 31, 2023, to $114.506 billion as of March 31, 2024[9] - Total stockholders' equity increased to $292.844 billion as of March 31, 2024, up from $260.894 billion as of March 31, 2023[17] - Stockholders' equity increased from $283,379 million as of December 31, 2023, to $292,844 million as of March 31, 2024[17] - Total long-term debt was $13.228 billion as of March 31, 2024, slightly down from $13.253 billion as of December 31, 2023[64] Cash and Investments - Cash and cash equivalents decreased from $24.048 billion as of December 31, 2023, to $24.493 billion as of March 31, 2024[9] - Marketable securities decreased from $110.916 billion as of December 31, 2023, to $108.090 billion as of March 31, 2024[9] - Total cash, cash equivalents, and marketable securities as of December 31, 2023, stood at $98.407 billion, with $86.868 billion in marketable securities and $24.048 billion in cash and cash equivalents[34] - Total cash, cash equivalents, and marketable securities as of March 31, 2024, stood at $96.261 billion, with $83.597 billion in marketable securities and $24.493 billion in cash and cash equivalents[37] Segment Performance - Google Cloud revenues grew to $9.574 billion in Q1 2024, up 28.4% from $7.454 billion in Q1 2023[28] - YouTube ad revenues increased to $8.090 billion in Q1 2024, a 20.9% rise from $6.693 billion in Q1 2023[28] - Google Search & other revenues rose to $46.156 billion in Q1 2024, up 14.4% from $40.359 billion in Q1 2023[28] - Google Services revenue grew from $61.961 billion in March 2023 to $70.398 billion in March 2024[95] - Google Cloud revenue increased from $7.454 billion in March 2023 to $9.574 billion in March 2024[95] - Other Bets revenue rose from $288 million in March 2023 to $495 million in March 2024[95] Share Repurchases and Dividends - Stock repurchases in Q1 2024 totaled $15.696 billion, compared to $14.557 billion in Q1 2023[19] - Alphabet's Board authorized an additional $70.0 billion for share repurchases in April 2024[84] - Alphabet declared a cash dividend of $0.20 per share, payable on June 17, 2024, with plans for future quarterly dividends[86] - The company repurchased $15.1 billion and $16.1 billion of Alphabet's Class A and Class C shares during the three months ended March 31, 2023 and 2024, respectively[84] Legal and Regulatory Matters - The company is involved in several antitrust matters with the European Commission, including fines totaling €8.2 billion ($9.5 billion) across three cases[75] - Google reached a settlement in principle with 50 state Attorneys General and three territories regarding antitrust complaints related to Android and Google Play, with final approval expected in 2024[76] - A California jury found Google violated antitrust laws in the Epic Games v. Google case, with non-monetary remedies to be determined in 2024[76] - Google faces multiple antitrust investigations and lawsuits globally, including from the DOJ, EC, CMA, and ACCC, with trials scheduled for 2024 and 2025[77][78] - Google is subject to privacy-related investigations and lawsuits in the U.S. and EU, which could result in significant fines and product changes[79] - Google has ongoing patent and intellectual property lawsuits that could lead to substantial monetary damages or changes in business practices[80] Other Financial Metrics - Comprehensive income increased from $16.654 billion in Q1 2023 to $23.225 billion in Q1 2024[13] - Other comprehensive income (loss) decreased from $1,603 million in March 2023 to $(437) million in March 2024[13] - Net cash provided by operating activities increased from $23,509 million in Q1 2023 to $28,848 million in Q1 2024[19] - Purchases of property and equipment increased from $6,289 million in Q1 2023 to $12,012 million in Q1 2024[19] - Income before provision for income taxes increased from $18.205 billion in March 2023 to $28.315 billion in March 2024[93] - Effective tax rate decreased from 17.3% in March 2023 to 16.4% in March 2024[93]