Google’s parent company, Alphabet, released its fourth-quarter and full-year 2023 report. While far from a disaster, the numbers fell short of expectations, sending the stock down 6% at the time of writing of this article.
Alphabet’s fourth-quarter revenue was $86 billion, up 13% from the fourth quarter of 2022. Meanwhile, the company’s total unaudited revenue for 2023 is $307 billion, up 9%. more than in 2022.
Alphabet CEO Sundar Pichai said, “We are pleased with the continued strength of search and the growing contributions of YouTube and Cloud.” He added that both are already benefiting from the company’s investments in artificial intelligence and innovation and that the best is yet to come, now in the Gemini era.
Looking at Alphabet’s $86 billion in revenue, search is the biggest earner, followed distantly by various subscription services.
The company as a whole reported net income of $23.7 billion for 2023, up from $18.2 billion in 2022.
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