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Google Cloud , Google ’s cloud computing division , had a blockbuster financial one-quarter , fuck up retiring analysts ’ expectations and sending Google parent company Alphabet ’s stock soaring 13%+ in after - hours trading .
Google Cloud revenue jump 28 % to $ 9.57 billion in Q1 2024 , bolstered by the demand for productive AI tools that rely on cloud base , armed service and apps . That keep a positivist vogue for the sectionalization , which in the premature quarter ( Q4 2023 ) notched year - on - yr increment of 25.66 % .
Google Cloud ’s operate income grew nearly 5x to $ 900 million , up from $ 191 million . No doubt investors were pleased about this tidbit , along with Alphabet ’s first - ever dividend ( of 20 cents per share ) and a $ 70 billion share repurchase program .
Elsewhere across Alphabet , Google Search and other revenue climb 14.4 % to $ 46.15 billion in the first fiscal twenty-five percent . YouTube revenue was up 20 % yr - over - year to $ 8.09 billion ( a little fall from Q4 2023 revenue of $ 9.2 billion ) , and Google ’s overall advertising line of work gained 13 % twelvemonth - on - year to get hold of $ 61.6 billion .
Alphabet ’s Other Bets category , which includes the troupe ’s ego - repel vehicle subsidiary company Waymo , was the notable loser . gross grow 72 % to $ 495 million in Q1 , but Other Bets lose $ 1.02 billion — about the same as it lost in Q4 2023 . ( Other Bets typically is n’t profitable . )
Alphabet ’s whole - org receipts stands at $ 80.5 billion , an increase of 15 % year - over - class , with nett income coming in at $ 23.7 billion ( up 57 % ) . Beyond Google Cloud ’s performance , a reduce headcount might ’ve contributed to the winning poop ; Alphabet reported a 5 % free fall in hands to 180,895 employees .
On a call with investor , Alphabet CEO Sundar Pichai articulate that YouTube ’s and Google ’s cloud businesses are projected to make a combined annual runnel rate of over $ 100 billion by the death of 2024 . Last year , the divisions ’ combined tax income was $ 64.59 billion , with Google Cloud run down in $ 33.08 billion and YouTube generating $ 31.51 billion .
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“ Taking a footfall back , it took Google more than 15 years to reach $ 100 billion in annual revenue , ” Pichai said . “ In just the last six years , we ’ve gone from $ 100 billion to more than $ 300 billion in yearly revenue . … This show our cut record of gift in and build successful new rise businesses . ”
