Google and YouTube parent Alphabet blew away Wall Street estimates with revenue up 15% to $80.5 billion driven by strong ad growth. The company also announced a major milestone, its first ever dividend of 20 cents a share in June. The stock is up more than 12% after market close.
Total advertising of $61.7 billion for the three months ended in March was up from $54.5 billion in the first quarter of 2023. YouTube ads topped $8 billion, up from $6.7 billion. Google Search is the bulk of ads, at $46 billion, up from $40.3 billion.
Google Services sales rose, as did Cloud Services.
Alphabet also authorized a buyback of up to another $70 billion shares.
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