Alphabet/Google Revenues Grow 13 Percent to $86 Billion

Google parent company Alphabet reported a net income of $20.7 billion on revenues of $86.3 billion in the quarter ending December 31, 2023. Those figures are up 34 percent and 13 percent, respectively, year-over-year (YOY).

That quarter was also the final quarter of Alphabet’s fiscal year 2023. For the full year, the firm reported a net income of $73.8 billion on revenues of $307.4 billion, gains of 25 percent and 9 percent YOY.

“We are pleased with the ongoing strength in Search and the growing contribution from YouTube and Cloud.” Alphabet and Google CEO Sundar Pichai said. “Each of these is already benefiting from our AI investments and innovation. As we enter the Gemini era, the best is yet to come.”

$65.5 billion of the company’s revenues, or about 76 percent, came from advertising, with Google Search contributing $48 billion, YouTube ads delivering $9.2 billion, and the Google advertising network adding another $8.3 billion. Overall, Google’s advertising business grew 10 percent YOY.

Revenue from Google subscriptions, platforms, and devices grew 18.5 percent to $10.8 billion in the quarter, while Google Cloud revenues jumped 20.4 percent to $9.2 billion.

Google also took a $2.1 billion charge related to severances and related employee reduction charges.