1Q24 earnings beat on efficiency gain; GenAI development on track

29 Apr 2024 CMB International Global Markets | Equity Research | Company Update Alphabet (GOOG US) 1Q24 earnings beat on efficiency gain; GenAI development on track Alphabet announced 1Q24 results: total revenue grew by 15% YoY to US$80.5bn, in line with consensus estimate; GAAP net income was up 57% YoY to US$23.7bn, 21% ahead of consensus estimate, thanks to Alphabet's organization optimization which leads to greater velocity and efficiency. The company further raised its shareholder return, announcing a ...