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Quarterly Report — Q1 2024
Filed April 26, 2024
Revenue hit $80.5 billion in Q1 2024, up 15% year-over-year, with Google Search and YouTube advertising both accelerating — Search alone pulled in $46.2B versus $40.4B a year ago. Google Cloud crossed $9.6 billion for the quarter (up 28%), continuing its march toward becoming a meaningful profit center alongside the core ads business. The company also ramped up buybacks to $15.7 billion in the quarter, signaling management's confidence in the earnings trajectory.
What is Quarterly Report?
Filed after each of the first three fiscal quarters with unaudited financial statements, management discussion, and any material changes to risk factors or legal proceedings.
Quarterly financial update — tracks business trajectory between annual reports.
Extracted Milestones (2)
Capital Expenditure Surge to $12 Billion in Q1 2024 for Technical Infrastructure
Alphabet's purchases of property and equipment nearly doubled year-over-year from $6.3 billion in Q1 2023 to $12.0 billion in Q1 2024, with the company stating it expects capital expenditures to increase in support of AI products and services and technical infrastructure investment.
Google Cloud Revenue Backlog Reaches $72.5 Billion
As of March 31, 2024, Alphabet reported $72.5 billion in remaining performance obligations (revenue backlog) primarily related to Google Cloud, with approximately half expected to be recognized over the next 24 months.