Alphabet (GOOG) Tops Q1 EPS by $10.41, Approves $50 Billion Buyback

(Updated - April 27, 2021 4:05 PM EDT)

Alphabet (NASDAQ: GOOG) reported Q1 EPS of $26.29, $10.41 better than the analyst estimate of $15.88. Revenue for the quarter came in at $55.31 billion versus the consensus estimate of $51.68 billion.

Sundar Pichai, CEO of Google and Alphabet, said: “Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained. We’ve continued our focus on delivering trusted services to help people around the world. Our Cloud services are helping businesses, big and small, accelerate their digital transformations."

Ruth Porat, CFO of Google and Alphabet, said: “Total revenues of $55.3 billion in the first quarter reflect elevated consumer activity online and broad based growth in advertiser revenue. We’re very pleased with the ongoing momentum in Google Cloud, with revenues of $4.0 billion in the quarter reflecting strength and opportunity in both GCP and Workspace.”

Stock Repurchase
On April 23, 2021, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $50.0 billion of its Class C capital stock. The repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.

For earnings history and earnings-related data on Alphabet (GOOG) click here.

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