Alphabet (GOOG, GOOGL) shares surged in after-hours trading on Thursday after the tech giant delivered an earnings beat in the first quarter. Adding to the positive sentiment, the company announced a dividend of $0.20 per share and a share buyback plan. CFRA Research Senior Equity Analyst Angelo Zino joins Market Domination Overtime to provide insights into Alphabet's financial results.
Zino commends both Alphabet's and Microsoft's (MSFT) cloud performance, describing the numbers as "absolutely fantastic." Regarding the dividend announcement, Zino suggests that Alphabet faced some pressure "to do the same" as many of its peers in the "Magnificent Seven" tech companies have been implementing dividend payouts and share buybacks. He refers to the dividend move as "a small little olive branch for investors."
On the subject of artificial intelligence (AI), Zino cautions that investors should not expect "much in terms of product launches" during the earnings call. However, he advises keeping an eye on Google's upcoming I/O conference in May, where the tech giant is likely to provide commentary and unveil details about its AI offerings, including the latest on Google Gemini.
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