Google’s parent company, Alphabet, continues its impressive financial performance after seeing its revenue, profit, and stock value skyrocket in 2023. In Q1 2024, the tech giant reported the highest quarterly net income in its history, but even more importantly, it dethroned Apple as the most profitable company in the GAFAM group.
According to data presented by Stocklytics.com, Alphabet earned $3,042 per second in the first three months of the year, or $2 more than Apple.
Alphabet’s Net Income Jumped by 43% Compared to 2023, Apple’s Dropped by 1.3%
The world’s fourth-largest tech company by market cap, Alphabet, has been on a trajectory of growth for the past year and a half, which helped it grow its net income to record highs. In Q1 2024, Google’s parent company reported a net income of $23.66 billion, almost 60% more than in the same period a year before. This figure is even more impressive when broken down to a shorter time scale of net per second. Based on its Q1 profit, Alphabet earned $3,042 per second in the three months of the year, or 43% more than its net income per second in 2023.
The impressive net income figures have launched Alphabet to the top of the GAFAM group when discussing profitability, even ahead of the tech giant Apple. According to Statista and the official company data, Apple’s net income for the three months ending March 31, 2024, was $23.64 billion, translating into $3,040 per second, or $2 less than Alphabet. Moreover, this represents a 1.3% drop compared to the $3.074 the company earned per second throughout 2023.
Microsoft takes the third spot, with $2,816 earned each second during the three months of the year. Meta and Amazon follow, with $1,774 and $1,337 net income per second, respectively.
Alphabet Tops in Net Income, But Amazon Saw the Biggest Earnings Growth
And while Alphabet leads the GAFAM group in terms of Q1 net income, two other companies saw much bigger earnings growth, Amazon and Meta.
According to the official company data, Amazon’s net income for the three months ending March 31, 2024, was $10.6 billion, translating into $1,337 per second, less than half of Alphabet’s profit. However, this represents a massive 110% increase compared to net income per second of $636 the ecommerce giant hit in 2023.
The social media titan Meta also witnessed much bigger earnings growth than Alphabet, with its Q1 net income per second surging by 88% compared to last year. In 2023, Facebook’s parent company earned $942 per second, which jumped to $1,747 in the first three months of this year.