Alphabet parent saw solid fourth-quarter earnings thanks to strong ads sales. After hours, the stock shot up more than 6%.
YouTube advertising revenues jumped 25% to $8.6 Billion. Search sales grew to $43billion, compared with $31.9 billion the previous quarter.
Alphabet’s earnings per share were $30.69 vs. $22.30 based on a $75 billion increase in total revenue, an increase from $57 Billion.
Google Cloud, a fast-growing business that is closely watched, reached $5.5 Billion in sales starting at $3.8 Billion.
Alphabet CEO Sundar Pichai said the company’s “deep investment in AI technologies continues to drive extraordinary and helpful experiences for people and businesses, across our most important products. Q4 saw ongoing strong growth in our advertising business, which helped millions of businesses thrive and find new customers, a quarterly sales record for our Pixel phones despite supply constraints, and our Cloud business continuing to grow strongly.”
Ruth Porat, CFO of Alphabet and Google, said the numbers reflected broad-based strength in advertiser spend and strong consumer online activity, as well as substantial ongoing revenue growth from Google Cloud. Our investments have helped us drive this growth by delivering the services that people, our partners and businesses need, and we continue to invest in long-term opportunities.”
Execs will be hosting a conference call at 5 p.m. ET.
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