Alphabet's First-Quarter Profit Soars as Google's Big AI Bets Help Push Stock to New Highs
Alphabet Inc. earned $62.6 billion in the January-March period, an 81% increase from the same time last year, driven by Google's AI investments and digital ad sales. Alphabet's stock price rose over 6% in extended trading, setting up a new high during Thursday's regular session.
Alphabet Inc. reported a significant increase in its first-quarter profit, driven by Google's AI investments and digital ad sales. The company earned $62.6 billion, or $5.11 per share, during the January-March period, an 81% increase from the same time last year. Revenue climbed 22% to $109.9 billion, surpassing analyst projections. Google's Cloud division saw a 63% surge in revenue to $20 billion, fueled by the AI boom. Alphabet's CEO, Sundar Pichai, attributed the growth to the company's AI investments, stating they are 'delivering value'. The company's market value currently stands at $4.2 trillion, up from $1.9 trillion just a year ago. Alphabet has earmarked $175 billion to $185 billion for capital expenditures this year, largely devoted to building AI data centers and other tools tied to the technology.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.