After experiencing a nearly 35 percent drop in net profit in 2022 due to inflation and advertisers reducing their spending, Alphabet, Google's parent company, has been on a growth trajectory for the past year and a half. In the first quarter of the year, it earned USD 3,042 (almost Rs 2,53,444) per second, which is 43 percent more than in 2021. According to a report on Tuesday, Google's parent company's net income increased by 615 percent over the past decade, which is 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 USD 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.
According to Statista and the official company data, Alphabet's net income for the three months ending on March 31, 2024, was USD 23.6 billion, which is 57% higher than the same period a year before. In addition to reaching an all-time high in net income, Google's parent company added $USD 430 billion to its stock value year-to-date, as mentioned in the report.
Alphabet's market cap in January was USD 1.76 trillion. Since then, the figure has increased by 24 percent and reached USD 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.
Meanwhile, as artificial intelligence (AI) gains traction in the technology industry, Sundar Pichai, the Indian-origin CEO of Alphabet and Google, has unveiled a new roadmap for the technology with Google Gemini AI models. Pichai emphasised that the company has been investing in AI for over a decade and has been innovating at every layer of the stack: from research to product and infrastructure.
ALSO READ: Google I/O 2024: Everything announced at the event
Inputs from IANS
