Alphabet, Google’s parent company, released its financial report for the fourth quarter and full year of 2023. While not a disaster, the numbers fell short of expectations, causing the stock to drop by 6% at the time of this writing.
In Q4, Alphabet’s revenue was $86 billion, a 13% increase from Q4 of 2022. The company’s unaudited total revenue for 2023 is $307 billion, a 9% increase from 2022.
Alphabet CEO Sundar Pichai expressed satisfaction with the continued strength in Search, as well as the growing contributions from YouTube and Cloud. He emphasized that both are benefitting from the company’s investment in AI and innovation and that even more is to come in the Gemini era.
Breaking down the $86 billion in revenue, Search is the top earner, followed by various subscription services.
Alphabet as a whole reported a net profit of $23.7 billion for 2023, compared to $18.2 billion for 2022.
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