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Alphabet, the parent company of Google, announced its financial results for Q4 and the full year of 2023.
Alphabet’s CEO, Sundar Pichai, was pleased with the company’s ongoing success. He pointed to gains in Google Search advertising, YouTube ad revenue, and demand for Google Cloud products and services.
“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,” said Pichai.
Ruth Porat, CFO of Alphabet, also reflected on the company’s financial health, stating, “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.”
Earnings Report Highlights
Alphabet announced Q4 revenues of $86.31 billion, up 13% compared to last year. Operating income for the quarter reached $23.7 billion, an increase from $18.16 billion in Q4 2021.
For 2023, Alphabet’s total revenues were $307.39 billion, representing 9% growth over the previous year.
The company attributed its ongoing revenue growth to investments in AI technology, which drove the expansion of Alphabet’s service offerings and cloud computing business.
Further details from the earnings release and call can be found on Alphabet’s investor relations website.
Highlights Of Earnings Call Webcast
AI: The New Frontier in Search
During Alphabet’s fourth-quarter 2023 earnings call webcast, Pichai discussed the company’s strategic focus on leveraging advanced AI models across its products and services.