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.