Google and Microsoft Lead the Way in Q1 Growth

Alphabet (Google's parent company) reported a 15% revenue increase year-over-year, reaching $80.54 billion in the first quarter of 2024. Driven largely by its advertising business and AI investments.

Alphabet also introduced a shareholder dividend ($0.05 per share) for the first time in the company's history.

Meanwhile, Microsoft's profits surged by 20%, with earnings reaching $21.93 billion. Its revenue stood at $61.86 billion, a 17% increase

This leap was fueled by Microsoft's integration of AI technologies across its cloud services and office productivity tools.

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Read my full breakdown of:
- Facebook's Q1 Earnings
- Microsoft's Q1 Earnings
- Google's Q1 Earnings

TikTok to Fight US Government

Erich Andersen (TikTok's general counsel) will transition to a new role as special counsel focusing on challenging the U.S. government's decision to ban the app.

Last week, President Joe Biden signed a bill mandating TikTok’s parent company ByteDance to divest its U.S. operations within 270 days or face a ban.

TikTok, which vehemently denies sharing U.S. user data with the Chinese government, plans to sue. They argue the bill violates First Amendment rights.

The platform previously succeeded in overturning similar bans under the Trump administration.

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Kaiser Exposes Millions of Patients

Kaiser Permanente is notifying approximately 13.4 million individuals about a data breach involving their personal information.

The breach occurred in early April, with private details shared with major tech companies such as Alphabet, Microsoft, and X (formerly Twitter).

This information included patient names and their search activities on Kaiser’s platforms.

The incident has been listed on the U.S. Department of Health and Human Services' breach notification portal.

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New IRS Crypto Tax Form

The IRS has introduced Form 1099-DA, signaling a development in cryptocurrency taxation.

This draft, available on the IRS website, requires brokers, including exchanges and wallet providers, to report crypto transactions.

Starting January 1, 2025, brokers must report sales and exchanges of coins and nft's. From January 1, 2026, they need to also provide details about gains, losses, and basis information.

Real estate professionals engaged in transactions involving digital assets will use Form 1099-S to report such deals starting January 1, 2025.

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