Google and YouTube parent Alphabet exceeded Wall Street's expectations with revenue increasing by 15% to $80.5 billion due to robust ad growth. The company declared its inaugural dividend of 20 cents a share for June, propelling the stock to rise by over 12% post-market close.
The total advertising revenue for Alphabet in March reached $61.7 billion, a notable surge from $54.5 billion in the previous year's first quarter. YouTube ads saw an increase from $6.7 billion to $8 billion, while Google Search contributed significantly, generating $46 billion compared to $40.3 billion.
Alphabet's Google Services and Cloud Services experienced growth, reflecting a positive trend in revenue streams. Additionally, the company authorized a buyback of up to $70 billion worth of shares, indicating strong financial confidence and investment in shareholder value.
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