Alphabet (NASDAQ:GOOGL) saw its shares pop more than 14% in after-hours trading Thursday after the Google owner reported better-than-expected top and bottom lines for the fiscal Q1 2024.
Specifically, the tech behemoth posted earnings per share (EPS) of $1.89, topping the consensus estimates of $1.51. Revenue was reported at $80.54 billion, also above the projected $78.71 billion.
Operating income for the quarter increased by 46% year-over-year to $25.5 billion, while net income soared to $58 billion, or $1.89 per diluted share.
Moreover, Alphabet announced its first-ever dividend of 20 cents per share, marking a significant return of capital at a time when the company is investing heavily in data centers to enhance its capabilities in generative AI.