Alphabet Inc. (NASDAQ: GOOGL, GOOG) on Thursday reported a 1% increase in fourth-quarter 2022 revenues, with strong contributions from the cloud business.
The company, which owns the largest internet search platform, reported a 1% growth in revenues to $76.05 billion for the fourth quarter of 2022. However, Google advertising revenue decreased by 4%.
Net income dropped to $13.6 billion or $1.05 per share during the three-month period from $20.64 billion or $1.53 per share in the fourth quarter of 2021.