Google's Parent Company, Alphabet, Joins the USD 2 Trillion M-cap Club The California-based tech conglomerate closed for the week having an M-cap of USD 2.15 trillion, making it the fourth most-valued company worldwide
By Entrepreneur Staff •
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Google's parent company, Alphabet, for the first time, closed a little above USD 3 trillion in market capitalisation on Friday. This positive market performance was due to the company posting its stellar Q1 FY2024 results on Thursday.
"Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way with our Gemini era and there's great momentum across the company. Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation," said Sundar Pichai, CEO, Alphabet on the results.
Alphabet $GOOGL soars by more than 10% for its biggest daily gain since July 17, 2015 pic.twitter.com/rIpaN3SPtC
— Barchart (@Barchart) April 26, 2024
The NASDAQ-listed company saw its stock jump 10 per cent to USD 171.95, its biggest one-day jump since July 2015. Google's parent company closed for the week having an M-cap of USD 2.15 trillion, making it the fourth most-valued company worldwide.
With this, the California-based tech conglomerate joins the USD 2 trillion club comprising Apple, Microsoft, Saudi Aramco, and Nvidia. Ruth Porat of Alphabet shared that it delivered revenues of USD 80.5 billion, up 15 per cent year-on-year. "Our strong financial results for the first quarter reflect revenue strength across the company and ongoing efforts to durably reengineer our cost base," she said.
Additionally, Alphabet's Board of Directors approved the initiation of a cash dividend program, and declared a cash dividend of USD 0.20 per share that will be paid on June 17, 2024, along with a USD 70 billion stock buyback plan.
Riding high on Gemini and AI's back, Google announced its USD 3 billion in investments to build or expand its data center campuses in Virginia and Indiana and also shared the news of its USD75 million Google AI Opportunity Fund which will work with nonprofit, education, and other sectors to train one million Americans of all backgrounds and provide them with AI skills at no cost.
