Google’s parent company Alphabet earned over Rs 2.5 lakh per second in Q1

New Delhi, May 21 (IANS) After seeing its net profit drop by almost 35 per cent in 2022 due to inflation and advertisers’ pullbacks, Google’s parent, Alphabet, has been on a trajectory of growth for the past year and a half, earning $3,042 (nearly Rs 2,53,444) per second in the year’s first quarter (Q1), or 43 per cent more than in 2023, as per a report on Tuesday.

According to data presented by AltIndex.com, Google’s parent firm net income soared by 615 per cent 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 per cent 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 per cent 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 per cent and reached $2.19 trillion last week, which is 2 per cent more than Amazon’s stock price growth, twice as much as Microsoft’s growth, and only 5 per cent less than Meta’s growth over this period, according to the report.

–IANS

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