Alphabet’s Profits Surge Amid Growth Trajectory: Key Financial Insights
New Delhi: Alphabet, the parent company of Google, has rebounded strongly with a significant rise in net income, marking a stark contrast from its 2022 performance affected by inflation and advertiser pullbacks. According to a report on Tuesday, Alphabet recorded earnings of $3,042 per second in the first quarter of the year, reflecting a 43% increase compared to 2023.
Data from AltIndex.com indicates that Alphabet’s net income has surged by 615% over the past decade, surpassing Apple’s growth eightfold and Microsoft’s by twice as much.
“In 2023, Alphabet undertook substantial layoffs, affecting approximately 12,000 employees, constituting 6% of its global workforce. Despite incurring over $2.1 billion in severance and related costs, the company’s revenue and net income saw significant growth, reaching new highs this year,” the report highlighted.
According to Statista and official company data, Alphabet reported a net income of $23.6 billion for the quarter ending March 31, 2024, marking a 57% increase from the same period last year.
In addition to its record-high net income, Alphabet has added $430 billion to its stock value year-to-date, underscoring its robust performance in the market.
As of January, Alphabet’s market capitalization stood at $1.76 trillion. By last week, this figure had surged by 24% to reach $2.19 trillion, outpacing Amazon’s stock price growth by 2%, doubling Microsoft’s growth, and trailing Meta’s growth by only 5% over the same period, according to the report.
