Alphabet announced its first-ever dividend on Thursday and a US$70 billion stock buybuck, cheering investors who sent the stock surging nearly 16 per cent after the bell.
The Google parent is returning capital while spending billions of dollars on data centers to catch up with rivals on generative artificial intelligence. The dividend will be 20 cents per share.
Just three months ago, Alphabet's Big Tech rival, Meta Platforms, announced its own first-ever dividend, a move that lifted the social media company's stock market value by $196 billion the following day. Amazon.com remains the lone holdout among Big Tech firms not offering a dividend.
Alphabet beat expectations for the quarter in sales, profit and advertising -- metrics that are all closely watched.
"Alphabet's announced dividend payouts and buybacks on top of the solid earnings beat are not only a breath of fresh air for the tech market as a whole, but also a very intelligent strategy for the search engine giant going into a tough time of the year," said Thomas Monteiro, senior analyst at Investing.com.
Alphabet's after-hours share surge of nearly 16 per cent following the report increased its stock market value by about $300 billion to over $2 trillion.
In a call to discuss results, CEO Sundar Pichai touted Google's AI offerings as a boon to its core search results. "We are encouraged that we are seeing an increase in search usage among people who are using the AI overviews," he said.
Revenue was $80.54 billion for the quarter ended March 31, compared with estimates of $78.59 billion, according to LSEG data.
Meanwhile, Google Cloud revenue grew 28 per cent in the first quarter, boosted by a boom in generative AI tools that rely on cloud services to deliver the technology to customers.
Google's cloud services are attractive for venture-capital backed startups developing generative AI technologies due to its pricing and ease of integration with other tools, investors and experts have previously said.
(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)
The U.S. National Hurricane Center designated Hurricane Milton as a Category 5 storm again after reaching wind speeds of 165 m.p.h. (270 km/h).
Hurricane Milton is expected to leave a path of devastation across central Florida, from Tampa in the west to Daytona Beach in the east.
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
Former cabinet minister Marc Garneau, who describes himself in his new book as always-a-Liberal, 'but a decidedly blue one,' says he hopes the party still has room for someone like him.
The renewed pleas of people in Fort Chipewyan, Alta. for government to take action cleaning up contamination in their community have reached the ears of federal Transport Minister Anita Anand.
Emotions boiled over after a judge acquitted two out of three defendants in a manslaughter case, while the third accused has since died.
WeightWatchers said on Tuesday it would offer a compounded version of Novo Nordisk's popular obesity drug Wegovy as part of its weight-management programs.
Political leaders are condemning what they describe as "hateful rhetoric" from a speaker at a pro-Palestinian rally in Vancouver who told the crowd that 'we are Hezbollah and we are Hamas.'
On September 11, 80-year-old Madeleine Gervais was the victim of a theft in Ottawa's west end. It happened in the Loblaws parking lot in College Square, when she was approached by a man and a woman who insisted to help her load her groceries into her car.
Elections BC is reissuing new 'where to vote' cards to some residents after an administrative error mistakenly recommended voting places that were farther from homes than necessary.
On September 11, 80-year-old Madeleine Gervais was the victim of a theft in Ottawa's west end. It happened in the Loblaws parking lot in College Square, when she was approached by a man and a woman who insisted to help her load her groceries into her car.
Political leaders are condemning what they describe as "hateful rhetoric" from a speaker at a pro-Palestinian rally in Vancouver who told the crowd that 'we are Hezbollah and we are Hamas.'
A British Columbia provincial court judge says a Boston Bar man who shot a teacup Chihuahua named Bear claiming it was menacing his chickens was not justified in killing the animal.
More than two weeks have passed since Hassan Ali walked out of a Toronto courtroom a free man, after prosecutors decided not to move forward with a first-degree murder trial against the local rapper.
The province’s consumer watchdog is investigating a Saskatoon company selling luxury vacation condos in Mexico.
Donald Trump has had as many as seven private phone calls with Vladimir Putin since leaving office and secretly sent the Russian president COVID-19 test machines during the height of the pandemic, Bob Woodward reported in his new book, 'War.'
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
A former New York City official was charged Tuesday with witness tampering and destroying evidence in a federal investigation that led to Mayor Eric Adams’ bribery indictment. The arrest came amid yet more high-profile departures from Adams' administration as federal prosecutors delve deeper into allegations that the mayor was involved in a coverup.
Britain is facing a "staggering rise" in assassination attempts on U.K. soil by Russia and Iran, as the hostile states recruit criminals to "do their dirty work" for them, the head of the U.K.'s domestic intelligence agency said Tuesday.
The Brazilian Supreme Court's Justice Alexandre de Moraes on Tuesday authorized the restoration of social media platform X´s service in Brazil, over a month after its nationwide shutdown, according to a statement posted on the court's website.
A German court on Tuesday acquitted a man who is also under investigation in the 2007 disappearance of British toddler Madeleine McCann in a trial on charges of unrelated sexual offences.
Deputy Prime Minister Chrystia Freeland says the government has no intention of proroguing Parliament to end an impasse with the Tories over a matter of privilege.
Former cabinet minister Marc Garneau, who describes himself in his new book as always-a-Liberal, 'but a decidedly blue one,' says he hopes the party still has room for someone like him.
Conservative Leader Pierre Poilievre is not allowed to speak in the House of Commons today as his public feud with Foreign Affairs Minister Mélanie Joly spilled into a second day.
One in eight women will be diagnosed with invasive breast cancer in their lifetimes, according to the American Cancer Society. Breast cancer is the second leading cause of cancer death for women in the United States, with 42,000 women dying every year from this cancer.
A new report that looks at the sex lives of Canadian youth suggests more needs to be done to encourage safe sex, including reversing a decrease in condom use.
The Ontario government has lowered the age for regular mammogram breast screening to allow all woman between the age of 40 and 49 to self-refer for the service.
The Brazilian Supreme Court's Justice Alexandre de Moraes on Tuesday authorized the restoration of social media platform X´s service in Brazil, over a month after its nationwide shutdown, according to a statement posted on the court's website.
A British-Canadian researcher has won the Nobel Prize in physics for work developing the foundations of machine learning and artificial intelligence. The University of Toronto's Geoffrey Hinton was awarded the prize Tuesday morning, along with Princeton University researcher John Hopfield.
A device used by researchers with Fisheries and Oceans Canada appears to have been the victim of an attack by a great white shark 300 metres under water off the coast of Nova Scotia.
An elevator mechanic mistakenly threw out a piece of artwork, made to look like empty beer cans, assuming it was litter, a Dutch museum revealed earlier this month.
The "Star Trek" star, Chris Pine, has a new children's book out, titled "When Digz the Dog Met Zurl the Squirrel: A Short Tale About a Short Tail."
Cissy Houston, the mother of the late Whitney Houston and a two-time Grammy winner who performed alongside superstar musicians like Elvis Presley, and Aretha Franklin, has died. She was 91.
Statistics Canada says the country posted a merchandise trade deficit of $1.1 billion in August as lower oil prices weighed on exports.
A new report from the Canadian Chamber of Commerce is sending a stark warning ahead of the U.S. presidential election, saying protectionist policies like Donald Trump's proposed tariffs could damage economies on both sides of the border.
A Toronto senior says she can’t believe that two roofers took advantage of her, despite knowing she was recently widowed and suffering from a painful disability.
A woman in Greater Sudbury, Ont., said "It doesn't get more Canadian than this" when she spotted a black bear dumpster diving at a Tim Hortons last month.
A Winnipeg baker is hanging up his apron permanently because he won the lottery.
When it comes to raising a child, the majority of fathers say they share tasks equally, but fewer mothers tend to say the same thing, according to a Statistics Canada survey.
The NFL's Tampa Bay Buccaneers and NHL's Tampa Bay Lightning have left Florida ahead of Hurricane Milton to practice the rest of the week.
RJ Barrett will miss the rest of the Toronto Raptors' pre-season with an injury.
New York Jets owner Woody Johnson made the stunning decision Tuesday to fire Saleh five games into his fourth season after the team's 2-3 start following a 23-17 loss to Minnesota in London on Sunday.
Mercedes-Benz has partnered up with the Ontario Vehicle Innovation Network (OVIN) and the provincial government to launch a new “incubator programâ€. One of the first three locations is Windsor, with the other two going to Toronto and Kitchener-Waterloo.
New data from the Insurance Bureau of Canada (IBC) shows that even though claims for auto theft dropped in the first half of 2024 compared to their 2023 peak, the rates of reported theft remain well above those of years prior.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A B.C. couple is getting desperate – and creative – in their search for their missing dog.
Videos of a meteor streaking across the skies of southern Ontario have surfaced and small bits of the outer space rock may have made it to land, one astronomy professor says.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Bernie Hicks, known as the ‘Batman of Amherst,’ always wanted to sit in a Batmobile until a kind stranger made it happen.
Bubi’s Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
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Avry Wortman, 13, scored two touchdowns on Sunday during her team's win in the under 14 Greater Moncton Football Association.
A gargantuan gourd – affectionately named ‘Orangina’ by the urban gardeners who grew it in the front yard of their Vancouver home – earned the massive honour of being named B.C.’s heaviest giant pumpkin Saturday.
B.C. Conservative Leader John Rustad has laid out his solutions for the toxic drug crisis in the province, which include cutting wait times for voluntary treatment, a virtual program to connect people with addiction specialists and building "regional recovery communities" that would allow for 12-month live-in treatment.
A British Columbia provincial court judge says a Boston Bar man who shot a teacup Chihuahua named Bear claiming it was menacing his chickens was not justified in killing the animal.
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More than two weeks have passed since Hassan Ali walked out of a Toronto courtroom a free man, after prosecutors decided not to move forward with a first-degree murder trial against the local rapper.
The U.S. National Hurricane Center designated Hurricane Milton as a Category 5 storm again after reaching wind speeds of 165 m.p.h. (270 km/h).
A youth has been charged with attempted murder after a woman was shot while driving a Lamborghini in Mississauga last month.
Calgary police are investigating after several shots were fired by a suspect into a truck in the northeast community of Saddle Ridge.
A Calgary officer's use of force in an August police-involved shooting has been deemed appropriate following an investigation.
WestJet has cancelled a number of flights as Hurricane Milton approaches Florida – including a couple of Calgary trips.
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The federal government announced 14 new properties will be added to the Canada Public Land Bank, the list of federal properties that could be turned into new homes, including seven in Ottawa and two in Gatineau, Que.
Quebec coroner Géhane Kamel will preside over a public enquiry into the deaths of Léonor Geraudie, 43, and her seven-year-old daughter Vérane, who were killed in a fire in a heritage building in Old Montreal on Oct. 4 that also left two people injured.
Montreal police (SPVM) arrested a 15-year-old in connection with an alleged arson in Saint-Leonard that occurred on the weekend.
Swedish battery manufacturer Northvolt said on Tuesday that one of its entities had filed for bankruptcy with a Stockholm court due to its financial situation.
A 38-year-old Beaumont resident is dead after a crash involving a motorcycle over the weekend.
Edmonton's transit system is seeing record usage, with six million trips taken in September.
The U.S. National Hurricane Center designated Hurricane Milton as a Category 5 storm again after reaching wind speeds of 165 m.p.h. (270 km/h).
Police in New Brunswick are trying to track down a man they consider “armed and dangerous†after he allegedly crashed a vehicle, waved a weapon at police, and fled in a stolen vehicle.
A device used by researchers with Fisheries and Oceans Canada appears to have been the victim of an attack by a great white shark 300 metres under water off the coast of Nova Scotia.
Todd Joseph Gallant pleaded not guilty to the murder of Byron Carr in a Prince Edward Island courtroom on Tuesday.
Manitoba RCMP and the Winnipeg Police Service are launching Manitoba's Most Wanted website.
The Manitoba government has apologized in the legislature for clawing back federal benefit payments to kids in the child welfare system.
Manitoba health-care support workers will not be hitting the picket line on Tuesday morning.
A 35-year-old Regina man is facing multiple charges after police say he barricaded himself inside a basement suite and set fire to entryways.
The province’s consumer watchdog is investigating a Saskatoon company selling luxury vacation condos in Mexico.
Regina product and former Pats forward Jordan Eberle has been named captain of the NHL's Seattle Kraken.
Fire crews were called to respond to Mohawk Plaza shortly before 2 a.m. Tuesday.
Police are advising the public that Wellington Road 35 between Gore Road and Concession 1 has been closed as of 4 p.m.
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The province’s consumer watchdog is investigating a Saskatoon company selling luxury vacation condos in Mexico.
A Saskatoon mom is desperately fighting eviction after she discovered mould in her suite and reported it to her landlord.
Those in Saskatchewan gazing at the stars Monday night were treated to a brilliant display of northern lights – as a solar storm continues to bear down on the northern hemisphere.
A crash Tuesday afternoon on Highway 144 has closed the road north of Sudbury.
Police in Huntsville are investigating a deadly single-vehicle collision that happened Tuesday morning.
The U.S. National Hurricane Center designated Hurricane Milton as a Category 5 storm again after reaching wind speeds of 165 m.p.h. (270 km/h).
Drivers and businesses along Wellington Street in London’s downtown area continue to feel the pain as the city works on the downtown loop for the bus rapid transit project (BRT).
The U.S. National Hurricane Center designated Hurricane Milton as a Category 5 storm again after reaching wind speeds of 165 m.p.h. (270 km/h).
City hall’s restoration of the People and the City monument has been stalled since early 2022, and a plan to resume the project next spring requires more money.
A 20-year-old man who was behind the wheel of a speeding car that struck and killed an international student crossing Big Bay Point Road in Barrie last summer and pleaded guilty to dangerous driving causing death will not spend time behind bars.
Police in Huntsville are investigating a deadly single-vehicle collision that happened Tuesday morning.
Police arrested a man accused of setting an animal on fire in Orillia, Ont. last month.
A Toronto couple pleaded guilty to involvement in a $13-million drug investigation that started in Windsor.
Several cars are being pulled out of the Detroit River in west Windsor.
Windsor police say they are looking for the driver who crashed into the Children’s Aid Society building.
B.C. Conservative Leader John Rustad has laid out his solutions for the toxic drug crisis in the province, which include cutting wait times for voluntary treatment, a virtual program to connect people with addiction specialists and building "regional recovery communities" that would allow for 12-month live-in treatment.
A Vancouver Island man has been charged in connection with a hit-and-run crash that killed a teenager near Duncan, B.C., earlier this year.
A British Columbia provincial court judge says a Boston Bar man who shot a teacup Chihuahua named Bear claiming it was menacing his chickens was not justified in killing the animal.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
NDP Leader David Eby is promising to offer a $75-million loan forgiveness program to entice doctors, nurses and heath professionals to expand health-care services in rural British Columbia.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week – and authorities have asked the public to stop circulating disturbing videos of the incident.
Charges have been laid against a 44-year-old man following a traffic stop in Brocket, Piikani Nation RCMP said Tuesday.
A metal fabrication company west of Medicine Hat has been fined by Alberta Occupational Health and Safety (OHS) following a workplace fatality in 2023.
A Lethbridge police officer involved in a scandal involving former Lethbridge New Democrat MLA Shannon Phillips has been reprimanded.
A woman in Greater Sudbury, Ont., said "It doesn't get more Canadian than this" when she spotted a black bear dumpster diving at a Tim Hortons last month.
The Federation of Northern Ontario Municipalities (FONOM) is the latest organization to call on the Doug Ford government to re-open dialogue with an airline service that transports lower-income Canadians to crucial medical care far from home.
For decades, Mississauga First Nation has known that human remains from their land were at the Canadian Museum of History.
A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
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