Alphabet Inc. (NASDAQ: GOOGL, GOOG), the company that owns the world’s largest internet search service, Tuesday reported a 23% growth in fourth-quarter revenues, supported by broad-based growth across all the key business segments.
Total revenues climbed 23% to $56.9 billion in the three months ended December 2020. Revenue from Google, the largest business division, increased 22%, with the cloud business growing 47%. Analysts were looking for a slower top-line growth.
The company said fourth-quarter net income rose to $15.23 billion or $22.30 per share from $10.67 billion or $15.35 per share in the corresponding period of last year. Earnings far exceeded the consensus estimates.
Alphabet’s stock, which set a new record this week, closed Tuesday’s trading at $1,927.51 and gained further after the announcement.
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