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Annual Report — FY 2024
Filed February 5, 2025
Total revenue surged to approximately $350 billion in fiscal 2024, with Google Cloud continuing its rapid growth trajectory as a key profit engine alongside the dominant advertising business. The massive ramp in capital expenditures — particularly in data centers and AI infrastructure — signals Alphabet is making its biggest-ever bet on artificial intelligence across Search, Cloud, and its Waymo autonomous-driving subsidiary. Shareholders benefited from aggressive buybacks and a newly initiated dividend, while ongoing antitrust cases remain the most significant overhang on the stock's forward outlook.
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Extracted Milestones (14)
Gemini 2.0 Model Launched
Alphabet launched Gemini 2.0, described as its most capable natively multimodal AI model that can understand, operate across, and combine text, code, audio, image, and video.
AI Overviews Rolled Out to Over 100 Countries Reaching 1B+ Users
Google Search's AI Overviews feature has been released in more than one hundred countries, reaching more than one billion users, with significant machine cost and latency reductions through hardware, engineering, and technical breakthroughs.
AlphaFold 3 Introduced for Molecular Structure Prediction
Google DeepMind introduced AlphaFold 3, which builds on previous models to predict the structure and interactions of all molecules in life's processes, extending beyond the original protein folding capability.
Project Astra Universal AI Assistant Research Prototype
Alphabet is developing Project Astra using Gemini 2.0 as a research prototype exploring future capabilities of a universal AI assistant.
Project Mariner Chrome AI Agent Prototype
Alphabet developed Project Mariner, an early Gemini 2.0-powered prototype capable of taking actions in Chrome as an experimental extension.
Gemini Integrated Across All Seven 2B-User Products
All seven of Google's two billion-user products — Android, Chrome, Gmail, Maps, Play Store, Search, and YouTube — are now using the Gemini AI model.
Gemini Nano On-Device AI Shipped in Pixel 9 Series
The latest Pixel 9 devices were built with Gemini Nano on-device AI, enabling features such as Gemini on Pixel, Pixel Screenshots, and Pixel Studio.
Vertex AI Platform with Gemini and Generative AI Model Access
Google Cloud's Vertex AI platform provides developers the ability to train, tune, augment, test, and deploy applications using Gemini, Imagen, Veo, and other generative AI models.
Gemini Enterprise Agent Platform for Google Cloud
Google Cloud launched Gemini Enterprise, a platform empowering teams to discover, create, share, and run AI agents in one secure platform with an intuitive chat interface to automate workflows.
Circle to Search Feature Shipped on Android
Circle to Search has been shipped and is actively increasing user engagement in Google Search, as noted in Alphabet's Q4 2024 earnings.
NotebookLM AI-Powered Research Tool Launched
NotebookLM helps users understand complex information by summarizing sources and providing relevant quotes using AI capabilities.
Waymo Paid Autonomous Ride-Hailing Live in Multiple Cities
Waymo is now providing fully autonomous, paid ride-hailing services to customers in multiple cities as a commercialized Other Bets business.
Character.ai Technology Licensing Deal
Alphabet executed a licensing arrangement with Character.ai in August 2024, as disclosed in the 10-K financial statements.
Pixel Watch 3 Launched
Google launched the Pixel Watch 3 as part of its latest generation of AI-integrated hardware devices.