Alphabet Surpasses Apple As GAFAM’s Most Profitable Entity
Raising $3,042 Per Second In Q1 2024
Alphabet, Google’s parent company, has outpaced Apple and claimed the throne as the most profitable entity within the esteemed GAFAM* consortium.
This seismic shift in the tech industry’s financial landscape is a testament to Alphabet’s remarkable financial resurgence in 2023, which has continued into Q1 of 2024, culminating in a historic achievement.
Stocklytics.com’s data reveals a staggering fact: Alphabet’s earnings were so robust that it raked in a jaw-dropping $3,042 per second during the initial three months of the year, surpassing Apple by a margin of $2 per second.
Alphabet’s meteoric rise to profitability is underlined by a formidable 43% surge in net income compared to the preceding year, catapulting it to unprecedented heights.
Notably, the tech juggernaut reported a record-breaking net income of $23.66 billion in Q1 2024, marking a 60% upsurge from the corresponding period in the previous year. When scrutinised through the lens of seconds, Alphabet’s per-second earnings surged by a remarkable 43% compared to 2023, accentuating its financial prowess.
While Alphabet basks in the glory of its newfound profitability crown within the GAFAM constellation, its rivals Apple, Microsoft, Meta, and Amazon continue to vie for dominance in the digital arena.
Apple, the former leader, reported a marginal 1.3% downturn in net income, earning $23.64 billion for the quarter ending March 31, 2024, which translates to $3,040 per second—just $2 short of Alphabet’s impressive figures.
In contrast, Microsoft secured the third position with $2,816 earned per second during the same period, trailing behind the frontrunners.
Notwithstanding Alphabet’s ascension to the zenith of profitability, Amazon and Meta emerged as frontrunners in earnings growth. Amazon’s Q1 net income skyrocketed by 110%, amassing $10.6 billion or $1,337 per second, underscoring its exponential financial growth trajectory.
Similarly, Meta, the social media behemoth, witnessed an impressive 88% surge in net income per second, soaring from $942 in 2023 to $1,747 in the first quarter of 2024, amplifying its fiscal resurgence.
As Alphabet consolidates its reign as the epitome of profitability within the GAFAM paradigm, the tech industry’s landscape witnesses an era defined by dynamic shifts and the relentless pursuit of financial ascendancy.
*GAFAM is a term used to describe five popular American tech stocks: Google, Apple, Facebook, Amazon and Microsoft.
Featured image: Alphabet’s earnings were so robust that it raked in a jaw-dropping $3,042 per second during the initial three months of the year, surpassing Apple by a margin of $2 per second. Credit: Greg Bulla
