Alphabet's Q4 revenues surge 13% to $86B

Alphabet Inc., the parent company of Google, has released its Q4 2023 earnings report. The company reported a revenue of $68.4 billion for the quarter, marking an 18% increase compared to the same period last year. Earnings per share (EPS) surpassed analysts' predictions, reaching $28.35.

The positive results were mainly driven by Google's advertising business, which experienced a notable 13% rise in ad revenue during the fourth quarter. Google's various advertising platforms, including Search and YouTube, contributed to the overall growth.

Additionally, Google Cloud, part of Alphabet's business, experienced increased demand, contributing positively to overall revenue growth. 

Sundar Pichai, CEO, said, “We are pleased with the ongoing strength in Search and the growing contribution from YouTube and Cloud. Each of these is already benefiting from our AI investments and innovation. As we enter the Gemini era, the best is yet to come.” 

Ruth Porat, President and Chief Investment Officer; CFO said: “We ended 2023 with very strong fourth quarter financial results, with Q4 consolidated revenues of $86 billion, up 13% year over year. We remain committed to our work to durably re-engineer our cost base as we invest to support our growth opportunities.”