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Google Shares Down After Earnings Report

MOUNTAIN VIEW — Shares in Alphabet Inc., the parent of Google, were down almost 5% in after-hours trading following the release of financial results for the quarter and fiscal year ended December 31, 2023.

The tech giant reported fourth-quarter revenues of $86.3 billion, a 13% increase from a year ago. Net income was $20.6 billion for the fourth quarter.

For all of 2023, Alphabet reported $307.4 billion, up 9%. Net income for the year was $73.8 billion.

Alphabet has laid off over 1,000 employees so far this year after cutting over 12,000 jobs in 2023.

The company reported 182,502 employees at the end of the fourth quarter, down from 190,234 the previous year.

Sundar Pichai, CEO of Alphabet, said: “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.”

Ruth Porat, President and Chief Investment Officer; CFO said: “We ended 2023 with very strong fourth quarter financial results, with Q4 consolidated revenues of $86 billion, up 13% year over year. We remain committed to our work to durably re-engineer our cost base as we invest to support our growth opportunities.”

Google advertising generated $65.5 billion in revenues — including $9.2 billion from YouTube. Google Cloud reported $9.19 billion in the quarter. Google subscriptions, platforms and devices made up $10.79 billion of revenues.