Revenues at Google’s Irish subsidiary grew 12 per cent in 2024 as the tech giant paid a €4.5 billion dividend to its US-listed parent company.
Turnover at Google Ireland Ltd grew from €77.3 billion to €86.6 billion in 2024, according to newly filed accounts with the Companies Registration Office (CRO).
The income growth was driven by increased use of its search engine alongside “continued growth in advertiser activity within Search and YouTube”, Google said in its accounts.
One of Ireland’s biggest employers, Google’s employee headcount fell by 428 from an average of 5,310 during 2023 to 4,882 in 2024. The company announced plans to cut 240 from its Irish workforce in 2023 in a move to trim its global staff levels.
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According to Google, as a result of consultation and notice periods, the impact of these layoffs was not reflected in the accounts for 2023, with further staff attrition having contributed to reduced staff numbers.
A spokeswoman for Google Ireland said it remains “deeply committed to our role as Google’s EMEA headquarters, with continued investment in our core business operations and infrastructure in Ireland.”
Lower costs contributed to pretax profits rising to €4.54 billion, significantly higher than €3.57 billion the previous year. A €4.5 billion dividend was approved and paid midyear, following on from a €5 billion dividend the previous year.
The technology company paid a €574.5 million tax bill in the year – a slight decrease on €587.3 million in 2023 despite profit increasing by nearly €1 billion.
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Google conducted €304.4 million in contract research and development services for related companies during 2024.
Google’s administrative expenses rose in the year from €57.1 billion to €65.2 billion, an €8.1 billion uptick in costs which it stated were driven by an “increase in intercompany related expenses” during the period.
Costs of sales also ramped up by €200 million to €16.8 billon due to increased payments to its Google Network Members and distribution partners. This was offset by a reduction in some operating fees paid to other Google companies.
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Its revenue is primarily generated through advertising income in the European Economic Area and Switzerland from its online services which is purchased through Google Ads.
This September, following the end of the financial year, Google was hit with a €2.9 billion fine by the European Commission, for breaching competition laws by unfairly pushing its own advertising services, to the detriment of competitors. The company noted its intention to appeal the decision.
Shareholder funds at the Irish subsidiary fell marginally despite the uptick in profitability which Google said was as a result of the significant dividend paid during the fiscal year.
The majority of its staff, some 3,063 people, were employed in sales and marketing, though this number fell 357 people from the previous year. Headcounts across research and development (R & D) as well as general and administrative positions remained largely steady.
The total staff costs associated with these employees stood at €1.06 billion – primarily comprised of nearly €748 million in wages and salaries, and €202.7 million in share-based payments.
