Alphabet Beats Revenue Estimates as AI Fuels Cloud Growth
- Cloud services revenue rose 28% to $900 million in quarter
- Company announces 20-cent dividend, $70 billion share buyback
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Alphabet Inc. reported first-quarter revenue that exceeded analysts’ expectations, buoyed by growth in its cloud computing unit.
The Google parent generated sales, excluding partner payouts, of $67.6 billion for the three months that ended on March 31, surpassing the $66.1 billion expected on average by analysts, according to data compiled by Bloomberg. Net income was $1.89 per share, compared with Wall Street’s estimate of $1.53 per share.