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YouTube Q1 Ad Sales Top $8 Billion As Parent Alphabet Declares First Ever Dividend, Shares Pop

Jill Goldsmith
·1-min read

Google and YouTube parent Alphabet blew away Wall Street estimates with revenue up 15% to $80.5 billion driven by strong ad growth. The company also announced a major milestone, its first ever dividend of 20 cents a share in June. The stock is up more than 12% after market close.

During a call, CEO Sundar Pichai said YouTube TV has more than 8 million subscribers, a stat YouTube CEO Neal Mohan noted in February.

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Total advertising of $61.7 billion for the three months ended in March was up from $54.5 billion in the first quarter of 2023. YouTube ads topped $8 billion, up from $6.7 billion. Google Search is the bulk of ads, at $46 billion, up from $40.3 billion.

Google Services sales rose, as did Cloud Services.

Alphabet also authorized a buyback of up to another $70 billion shares.

The company is forging ahead on AI, but unlike Meta yesterday, didn’t spook the market talking about it. Meta shares tanked after its quarterly report as it shared spending plans around artificial intelligence. The stock drove others in the sector lower for most of today before a recovery late in the session. Alphabet’s numbers are clearly a relief.

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