After a profit slump in 2022 due to macroeconomic headwinds, Google’s parent company Alphabet has demonstrated a remarkable financial turnaround, reporting a staggering $3,042 in earnings per second in Q1 2024, marking a 43% year-over-year increase.
According to data presented by AltIndex.com, Google’s parent firm net income soared by 615 percent in a decade, 8 times more than Apple’s and twice as much as Microsoft’s.
“In 2023 alone, Google laid off around 12,000 people or 6 percent 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,” the report noted.
As per Statista and the official company data, Alphabet’s net income for the three months ending March 31, 2024, was $23.6 billion, 57 percent more than in the same period a year before.
In addition to witnessing its net income hit an all-time high, Google’s parent company added $430 billion to its stock value year-to-date, the report mentioned.
Alphabet’s market cap in January was $1.76 trillion. Since then, the figure has increased by 24 percent and reached $2.19 trillion last week, which is 2 percent more than Amazon’s stock price growth, twice as much as Microsoft’s growth, and only 5 percent less than Meta’s growth over this period, according to the report.
