Get All Access for $5/mo

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

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Wikimedia Commons

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.

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.

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
Data & Recovery

Get $60 off This Portable VPN Travel Router

Why keep paying for a VPN service when you can have a tiny, lightweight piece of hardware that can provide you with a lifetime of maximum VPN protection?

Growing a Business

6 Effective Strategies to Secure Funding

Use these six proven strategies to secure the funding you need.

Growing a Business

How Visionary Leaders Transform Curiosity Into Groundbreaking Ideas

Lee Brian Schrager, founder of the South Beach Wine & Food Festival, discusses the spark that launched FoodieCon, his best practices for running popular food events, and why all business owners need to adapt to social media trends.

Business News

In Just 3 Words, Kevin O'Leary Offers a Grim Outlook on Interest Rates and Inflation

The "Shark Tank" star appeared on Fox Business' "Sunday Night in America with Trey Gowdy" and said it is "hard to see" mortgage rates dropping any time soon.

Business News

Toyota Loses Over $15 Billion in Market Value After Investigation

The company was accused of falsifying engine test results that stopped shipment on three vehicle models earlier this year.

News and Trends

Battery Smart Raises USD 65 Mn in Series B to Boost EV Battery Swapping Network

Orios Venture Partners achieves a 29x return with a strategic partial exit from Delhi-based EV startup, enhancing early-stage investment success.