Google’s parent company Alphabet shares surged as the company reported 23% revenue growth and topped estimates forearnings and revenue in fourth-quarter.
The internet giant said that Google earnings rose 45% from a year earlier to $22.30 an adjusted share. Profit included a $3 billion gain on equity investments. Gross revenue rose 23% to $56.9 billion
According to report, Alphabet brought in $46.43 billion in revenue for the quarter when deducting traffic acquisition costs, up from $37.57 billion a year ago. Overall, the technology giant surged by 23% year-on-year.
The tech brand revealed results on its Cloud segment, revealing that the company earned about $3.83 billion in revenue and had an operating loss of $1.24 billion in Q4.
For the year, Google Cloud segments brought in $13.06 billion in revenue and reported an operating loss of $5.6 billion.
A year earlier, Google earned $15.35 per share on revenue of $46.1 billion. Cloud computing revenue climbed 47% to $3.83 billion vs. analyst estimates of $3.8 billion.
On the other hand,YouTube advertising revenue rose 23% to $6.88 billion vs. estimates of $6.15 billion
Google Traffic acquisition costs (TAC): $10.47 billion, vs. $9.32 billion as expected by analysts, according to StreetAccount.