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Google and Microsoft Report Strong Q1 2024 Performance

Google-parent company Alphabet and Microsoft recently announced the results of the quarter that ended on March 31. Both the companies beat revenue and earnings estimates, while also announcing that their AI investments helped them post strong numbers. However, this was in stark contrast to Facebook-owner Meta’s CEO Mark Zuckerberg’s comments who said that it will take years for the company to make money from Gen AI.

Google and Microsoft post ‘AI-charged’ Q1 2024 results

Alphabet rose 10%, crossing $2 trillion in market value with a gain of about $180 billion. Microsoft gained nearly 3% and was set to add more than $80 billion to its market value.

Both the companies poured billions of dollars into the infrastructure needed to support AI applications, and reported that their quarterly revenue growth was outpacing expectations as more users turned to services including the Copilot AI assistant and the Gemini chatbot.

Microsoft reported $21.9 billion in profits for its quarter ending on March 31 – a 20% increase on a year-over-year basis. Google’s parent company reported $23.7 billion in profits, an increase of 57% from the last fiscal year period.

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“Meta is indicating the results of further increased investment may be years away while Microsoft and Google are showing them right now,” news agency Reuters quoted DA Davidson analyst Gil Luria as saying.

Microsoft has a 12-month forward price-to-earnings ratio of 30.40, compared with Alphabet’s 21.63.

Microsoft, Google and Meta to invest more in AI

While Google and Microsoft talked about positive signs of the technology shift towards generative AI, Zuckerberg had a measured approach when talking about revenues from it.

“And the initial signs are quite positive here, too. But building the leading AI will also be a larger undertaking than the other experiences we’ve added to our apps, and this is likely going to take several years,” Zuckerberg said on the first quarter earnings call, hinting at more investment in the development of the technology.

Pichai said that it was a great quarter for the company, “led by strong performance from Search, YouTube and Cloud.” He highlighted six points where the company will focus on:

“Let’s look at how well we’re positioned for the next wave of AI innovation, and the opportunity ahead. There are 6 points to make: Research leadership, Infrastructure leadership, Innovation in Search, Our global product footprint, Velocity and execution and Monetization paths,” he said.

Microsoft chief financial officer Amy Hood also said that capital expenditure on AI will increase “materially.”

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