Google’s Revenues Swell To Rs 4 Lakh Crore; Will Buyback Shares Worth Rs 3.7 Lakh Crore!
Search engine Google’s parent company, Alphabet has recently announced the results for its first quarter ending March.
Maintaining its streak by recording the profit for the second consecutive quarter, Alphabet reported a net income of $17.9 billion (approx. Rs. 1,33,380 crores) this quarter, surpassing its own previous high of $15.2 billion (about Rs. 1,13,264 crores) in the same period last year.
Here are all the highlights of Alphabet’s latest financial results.
Alphabet’s YoY Rev Rises by 34%
Alphabet Inc has reported its latest financial results for its last quarter ending March, which has known it surpass all its analysts’ estimates.
Due to the global pandemic, online engagement has seen a major spike. People have turned to Google Search and many online services to stay informed, connected and entertained, informs Alphabet CEO Sundar Pichai.
Google has undoubtedly focused on delivering trusted services to help people around the world.
Due to heightened consumer activity in the first quarter, Alphabet has been able to surpass its analysts’ revenue estimates, in extension to the sales record it set in the fourth quarter, adds India Today.
- Google ad sales hiked by 32% in the first quarter, compared to the same period last year.
- While the ad sales surpassed analysts’ expectations, the company’s cloud sales increased in line with the estimates, by 45.7%.
- YouTube ad sales jumped 49% YoY to $6 billion in the first quarter of 2021.
- Resultantly, Google advertising (including search and YouTube ads) made $44.7 billion in sales.
- Alphabet’s total sales for the quarter increased by 35% to $55.3 billion (roughly Rs. 4,12,040 crores), while the analysts’ were expecting a rise of only 26%.
- The company’s quarterly profit was $17.9 billion (roughly Rs. 1,33,380 crores), or $26.29 (roughly Rs. 1,960) per share, beating estimates of $15.88 (roughly Rs. 1,180) per share and topping its previous-high of $15.2 billion (roughly Rs. 1,13,264 crores) last quarter.
Alphabet’s Share Buyback Worth Rs 3.72 Cr
In its quarterly results announcement, Alphabet Inc. also reported a Google’s Revenues Swell To Rs 4 Lakh Crore; Will Buyback Shares Worth Rs 3.7 Lakh Crore!
of $50-billion or Rs 3,72,780 crores.
Alphabet shares rose about 4.3% to $2,390.10 (roughly Rs. 1.7 lakhs) in extended trading.
The share repurchase authorisation by Alphabet’s board follows a $25 billion (roughly Rs. 1,86,230 crores) buyback programme announced in 2019. Jefferies analyst Brent Thill estimated Alphabet now has $56 billion (roughly Rs. 4,17,160 crores) left to spend buying its shares, adds India Today.