Alphabet Earned $3,042 Per Second in Q1, 43% more than in 2023

May 19, 1:44 pm

After seeing its net profit plunge by almost 35% in 2022 due to inflation and advertisers' pullbacks, Google's parent, Alphabet, has been on a trajectory of growth for the past year and a half, which helped it become more profitable than ever.

According to data presented by AltIndex.com, Alphabet earned $3,042 per second in the first quarter of the year, or 43% more than in 2023.

Alphabet's Net Income Skyrocketed by 615% in a Decade, 8x more than Apple's and Twice as Much as Microsoft's

As one of the big five tech giants, Alphabet demonstrated its resilience during the 2022 crisis. Despite experiencing the biggest revenue and profit drop in its history, the company successfully rebounded, in part due to strategic cost-cutting measures that resulted in significant job losses.

In 2023 alone, Google laid off around 12,000 people or 6% of its global workforce, and the layoffs continued this year. Although the company spent over $2.1 billion on severance and other expenses caused by the massive wave of job cuts, its revenue, and net income still significantly increased and hit an all-time high this year.

According to Statista and the official company data, Alphabet's net income for the three months ending March 31, 2024, was $23.6 billion, 57% more than in the same period a year before. This figure is even more impressive when broken down to a shorter time scale of net per second. Based on Alphabet's profit in Q1, the company earned $3,042 per second during the three months, or 43% more than last year.

Statistics also show that over the past decade, Alphabet has achieved a staggering 615% increase in net income, a growth rate that is eight times higher than Apple's and twice as much as Microsoft's.

Alphabet's Stock Value Increased by $430 Billion Year-to-Date

Besides seeing its net income hit an all-time high, Google's parent company added $430 billion to its stock value year-to-date, a sign of the market's confidence in Alphabet's prospects. In January, Alphabet's market cap stood at $1.76 trillion. Since then, this figure has jumped by 24% and hit $2.19 trillion last week. This is 2% more than Amazon's stock value growth, twice the growth of Microsoft, and only 5% less than Meta's growth in this period.

According to the AltIndex platform, Alphabet stocks have an AI score of 56 out of 100 and are designated with a hold signal, suggesting stability. Also, based on the company's encouraging financial fundamentals and a month-over-month spike in job posts, sentiment across popular stock forums, and Twitter followers, AltIndex algorithms set an AI price forecast of $186.39 for GOOGL stock in the next six months.

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