Summary by Moomoo AI
On April 25, 2024, Alphabet Inc. released its financial results for the first quarter of the year, ending March 31, 2024. The report highlighted a 15% year-over-year increase in revenues to $80.5 billion and an expansion of the operating margin to 32%. Alphabet's CEO, Sundar Pichai, attributed the strong performance to robust growth in Search, YouTube, and Cloud services. The company also announced the initiation of a cash dividend program, declaring a dividend of $0.20 per share to be paid on June 17, 2024, to shareholders of record as of June 10, 2024. Additionally, Alphabet's Board of Directors authorized a stock repurchase program of up to $70.0 billion of its Class A and Class C shares. The financial report included a reconciliation of non-GAAP financial measures to GAAP measures, emphasizing the company's commitment to transparency. Alphabet's financial strength was further demonstrated by a decrease in severance and related charges compared to the previous year and a solid cash position with $24.5 billion in cash and cash equivalents as of March 31, 2024.