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Alphabet beats revenue estimates buoyed by cloud, pays dividend [BNN Bloomberg (Canada)]
Last alphabet inc. - class c capital stock earnings: 4/28 04:02 pm
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US:NASDAQ Investor Relations: abc.xyz/investor
The Google parent reported sales, excluding partner payouts, of US$67.6 billion for the three months that ended on March 31, surpassing the $66.1 billion expected on average by analysts, according to data compiled by Bloomberg. Net income was $1.89 per share, compared with Wall Street's estimate of $1.53 per share. The company also said it would pay a dividend of 20 cents a share and repurchase an additional $70 billion in stock. The shares jumped 14 per cent in extended trading. Like other Big Tech companies, Alphabet has been plowing money into developing artificial intelligence, a strategy that has helped drive demand for its cloud services, which saw revenue rise 28 per cent in the first quarter. Google is a distant third in the cloud computing market, trailing Amazon.com Inc. and Microsoft Corp., but the company's prowess in AI could help it close the gap. Google has developed much of the underlying technology being used in the AI boom today, and has woven it into products
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