Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) reported fourth-quarter financial results after the close on Tuesday. Here's a look at the key metrics from the quarter.
Q4 Earnings: Google parent Alphabet's fourth-quarter revenue increased 13% year-over-year to $86.31 billion, which beat the consensus estimate of $85.33 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of $1.64 per share, which beat analyst estimates of $1.59 per share.
Google Search revenue came in at $48.02 billion, YouTube advertising revenue totaled $9.2 billion and the Google Cloud business brought in $9.192 billion during the quarter.
"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 Sundar Pichai, CEO of Alphabet.
Alphabet provided an update on the workforce reduction it announced in January 2023. The company said it recorded $2.1 billion in employee severance and related charges in 2023 and noted that it's taking actions to optimize its global office space.
Alphabet said it remains committed to durably re-engineering its cost base as the company continues to make investments to support its growth opportunities.
Management will hold a conference call to discuss these results at 4:30 p.m. ET.
GOOG Price Action: Alphabet shares were up approximately 8.5% year-to-date heading into the print. The stock was down 4.21% after hours at $145.03 at the time of publication, according to Benzinga Pro.