Alphabet Inc. (NASDAQ:GOOG) Q1 2024 Earnings Conference Call April 25, 2024 4:30 PM ET

Company Participants

Jim Friedland - Director of Investor Relations
Sundar Pichai - CEO & Director
Philipp Schindler - Senior Vice President & Chief Business Officer
Ruth Porat - President, Chief Investment Officer, Senior VP & CFO

Conference Call Participants

Brian Nowak - Morgan Stanley
Doug Anmuth - JPMorgan
Eric Sheridan - Goldman Sachs
Stephen Ju - UBS
Justin Post - Bank of America
Jing Lee - Evercore
Ken Gawrelski - Wells Fargo
Ross Sandler - Barclays
Colin Sebastian - Baird

Operator

Welcome, everyone. Thank you for standing by for the Alphabet First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Jim Friedland, Director of Investor Relations. Please go ahead.

Jim Friedland

Thank you. Good afternoon, everyone, and welcome to Alphabet's first quarter 2024 earnings conference call. With us today are Sundar Pichai, Philipp Schindler, and Ruth Porat.

Now, I'll quickly cover the Safe Harbor. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.

And now, I'll turn the call over to Sundar.

Sundar Pichai

Thank you, Jim, and hello, everyone. It was a great quarter led by a strong performance from Search, YouTube, and Cloud. Today, I want to share how we are thinking about the business and the opportunity more broadly. Of course, that's heavily focused on AI and Search. Then I'll take you through some highlights from the quarter in Cloud, YouTube, and beyond. Let's discuss our momentum and strategy. Taking a step back, it took Google more than 15 years to reach $100 billion in annual revenue. In just the last six years, we've gone from $100 billion to more than $300 billion in annual revenue. Of course, Search continues to power that, as you see in our Q1 results. But in addition, we expect YouTube overall and Cloud to exit 2024 at a combined annual run rate of over $100 billion. This shows our track record of investing in and building successful new growing businesses.