Tag: GOOGL

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Tech Stocks

Google Surges Nearly 12% in Pre-Market Trading on Q1 Earnings Beat and $70 Billion Stock Buyback Authorization

On April 26th, Google’s(GOOGL) Class A shares experienced a significant surge of almost 12% in pre-market trading, following the release of its first-quarter earnings report that exceeded market expectations. Additionally, the company announced its authorization to repurchase up to $70 billion worth of its own stock.

Google’s impressive performance in the first quarter surpassed analysts’ forecasts, demonstrating robust growth across its various business segments. The company’s strong financial results underscore its continued dominance in the technology sector and its ability to capitalize on evolving market trends.

Furthermore, Google’s decision to initiate a sizable stock buyback program signals confidence in its financial strength and long-term growth prospects. By repurchasing its shares, Google aims to enhance shareholder value and demonstrate its commitment to delivering returns to investors.

The substantial surge in Google’s Class A shares during pre-market trading reflects investor enthusiasm and confidence in the company’s trajectory. With its stellar earnings performance and shareholder-friendly initiatives, Google remains a top choice for investors seeking to capitalize on the potential for growth in the technology industry.

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Best Stokcs

Alphabet Surges Over 15% After Impressive Q1 Earnings Beat

Following the release of its first-quarter 2024 financial report on Thursday, April 25th, Alphabet(GOOGL), the parent company of Google, exceeded market expectations with robust financial performance. The company reported total revenue of $805.4 billion for the first quarter, marking a remarkable 15% year-over-year growth, the fastest pace since early 2022, and surpassing market expectations of $790.4 billion. Adjusted earnings per share surged by an impressive 61.5% year-over-year to $1.89, up from $1.17 in the same period last year. Net profit saw a significant 57% year-over-year jump to $236.6 billion.

Alphabet’s cloud business recorded a strong performance, with first-quarter revenue soaring by 28.4% year-over-year to $95.7 billion. Meanwhile, the core advertising business, a key revenue driver for Google, also experienced solid growth, with first-quarter advertising revenue climbing by 13% year-over-year to $616.6 billion.

In a shareholder-friendly move, Alphabet’s board of directors approved a cash dividend of $0.20 per share to be paid on June 17th to shareholders of record as of June 10th. Additionally, the company announced its intention to continue paying quarterly cash dividends in the future. Furthermore, Alphabet authorized an additional $700 billion share repurchase program.

Buoyed by the better-than-expected performance across advertising and cloud revenues, as well as the historic announcement of quarterly dividends, Alphabet’s stock price surged over 15% to hit a new all-time high in after-hours trading.

Alphabet’s outstanding first-quarter results, coupled with its shareholder-friendly initiatives, underscore its position as a top growth stock to watch. With its diverse revenue streams and strong financial performance, Alphabet presents significant upside potential for investors seeking growth opportunities in the technology sector.