Alphabet hails 'once-in-a-generation' AI opportunity as revenue rises

Shares in Alphabet, the owner of Google and YouTube, surged after it issued its first ever dividend and revealed that profits had surged in the last quarter. Sundar Pichai, CEO, hailed the transition to artificial intelligence as a "once-in-a-generation opportunity" as his company races to integrate the technology across its business. Investors cheered the firm's earnings, and news of a 70bn stock buyback. Google posted 80.5bn in revenue for the first quarter of 2024, up 15% on the same period last year, and reported 1.89 in earnings per share, up from 1.17 – surpassing analysts' expectations on both counts. Shares in Alphabet were up roughly 15% in after-hours trading.