Alphabet’s market value surged 10 per cent on Friday to more than $2tn after Google’s parent company announced its first-ever dividend and reported strong growth across its main business lines.
Revenue rose 15 per cent in the first quarter to $80.5bn from $69.8bn a year ago, the Silicon Valley giant reported on Thursday, beating analysts’ expectations for $79bn. Net income was $23.7bn, up 57 per cent from $15.1bn in the same period a year earlier, beating analysts’ consensus of $19.1bn.
Friday’s share price rise put Alphabet’s market capitalisation at $2.15tn, as Microsoft returned to a $3tn valuation after also reporting better than expected earnings on Thursday.
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