Workflow
Alphabet(GOOGL) - 2024 Q1 - Quarterly Report
GOOGLAlphabet(GOOGL)2024-04-26 00:22

Revenue Growth - Revenue increased from 69.787billioninQ12023to69.787 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 80.539billion,a15.480.539 billion, a 15.4% increase from 69.787 billion in Q1 2023[28] - Total revenues increased from 69.787billioninMarch2023to69.787 billion in March 2023 to 80.539 billion in March 2024[95] - Total revenues increased from 69,787millioninMarch2023to69,787 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 15.051billioninQ12023to15.051 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 1.18inQ12023to1.18 in Q1 2023 to 1.91 in Q1 2024[11] - Net income for Q1 2024 increased to 23.662billion,upfrom23.662 billion, up from 15.051 billion in Q1 2023[19] - Net income increased from 15,051millioninQ12023to15,051 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 1.91forQ12024[88]−Dilutednetincomepershareincreasedfrom1.91 for Q1 2024[88] - Diluted net income per share increased from 1.17 in March 2023 to 1.89inMarch2024[11]CostandExpenses−Costofrevenuesincreasedfrom1.89 in March 2024[11] Cost and Expenses - Cost of revenues increased from 30.612 billion in Q1 2023 to 33.712billioninQ12024,ariseof10.133.712 billion in Q1 2024, a rise of 10.1%[11] - Research and development expenses increased slightly from 11.468 billion in Q1 2023 to 11.903billioninQ12024[11]−Researchanddevelopmentexpensesincreasedslightlyfrom11.903 billion in Q1 2024[11] - Research and development expenses increased slightly from 11,468 million in March 2023 to 11,903millioninMarch2024[11]−Totalstock−basedcompensation(SBC)expensewas11,903 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 402.392billionasofDecember31,2023,to402.392 billion as of December 31, 2023, to 407.350 billion as of March 31, 2024[9] - Total liabilities decreased from 119.013billionasofDecember31,2023,to119.013 billion as of December 31, 2023, to 114.506 billion as of March 31, 2024[9] - Total stockholders' equity increased to 292.844billionasofMarch31,2024,upfrom292.844 billion as of March 31, 2024, up from 260.894 billion as of March 31, 2023[17] - Stockholders' equity increased from 283,379millionasofDecember31,2023,to283,379 million as of December 31, 2023, to 292,844 million as of March 31, 2024[17] - Total long-term debt was 13.228billionasofMarch31,2024,slightlydownfrom13.228 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 24.048billionasofDecember31,2023,to24.048 billion as of December 31, 2023, to 24.493 billion as of March 31, 2024[9] - Marketable securities decreased from 110.916billionasofDecember31,2023,to110.916 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 98.407billion,with98.407 billion, with 86.868 billion in marketable securities and 24.048billionincashandcashequivalents[34]−Totalcash,cashequivalents,andmarketablesecuritiesasofMarch31,2024,stoodat24.048 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 83.597billioninmarketablesecuritiesand83.597 billion in marketable securities and 24.493 billion in cash and cash equivalents[37] Segment Performance - Google Cloud revenues grew to 9.574billioninQ12024,up28.49.574 billion in Q1 2024, up 28.4% from 7.454 billion in Q1 2023[28] - YouTube ad revenues increased to 8.090billioninQ12024,a20.98.090 billion in Q1 2024, a 20.9% rise from 6.693 billion in Q1 2023[28] - Google Search & other revenues rose to 46.156billioninQ12024,up14.446.156 billion in Q1 2024, up 14.4% from 40.359 billion in Q1 2023[28] - Google Services revenue grew from 61.961billioninMarch2023to61.961 billion in March 2023 to 70.398 billion in March 2024[95] - Google Cloud revenue increased from 7.454billioninMarch2023to7.454 billion in March 2023 to 9.574 billion in March 2024[95] - Other Bets revenue rose from 288millioninMarch2023to288 million in March 2023 to 495 million in March 2024[95] Share Repurchases and Dividends - Stock repurchases in Q1 2024 totaled 15.696billion,comparedto15.696 billion, compared to 14.557 billion in Q1 2023[19] - Alphabet's Board authorized an additional 70.0billionforsharerepurchasesinApril2024[84]−Alphabetdeclaredacashdividendof70.0 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 15.1billionand15.1 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 (9.5billion)acrossthreecases[75]−Googlereachedasettlementinprinciplewith50stateAttorneysGeneralandthreeterritoriesregardingantitrustcomplaintsrelatedtoAndroidandGooglePlay,withfinalapprovalexpectedin2024[76]−ACaliforniajuryfoundGoogleviolatedantitrustlawsintheEpicGamesv.Googlecase,withnon−monetaryremediestobedeterminedin2024[76]−Googlefacesmultipleantitrustinvestigationsandlawsuitsglobally,includingfromtheDOJ,EC,CMA,andACCC,withtrialsscheduledfor2024and2025[77][78]−Googleissubjecttoprivacy−relatedinvestigationsandlawsuitsintheU.S.andEU,whichcouldresultinsignificantfinesandproductchanges[79]−Googlehasongoingpatentandintellectualpropertylawsuitsthatcouldleadtosubstantialmonetarydamagesorchangesinbusinesspractices[80]OtherFinancialMetrics−Comprehensiveincomeincreasedfrom9.5 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 23.225billioninQ12024[13]−Othercomprehensiveincome(loss)decreasedfrom23.225 billion in Q1 2024[13] - Other comprehensive income (loss) decreased from 1,603 million in March 2023 to (437)millioninMarch2024[13]−Netcashprovidedbyoperatingactivitiesincreasedfrom(437) million in March 2024[13] - Net cash provided by operating activities increased from 23,509 million in Q1 2023 to 28,848millioninQ12024[19]−Purchasesofpropertyandequipmentincreasedfrom28,848 million in Q1 2024[19] - Purchases of property and equipment increased from 6,289 million in Q1 2023 to 12,012millioninQ12024[19]−Incomebeforeprovisionforincometaxesincreasedfrom12,012 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]