Google Shares Down After Earnings Report

<p><strong>MOUNTAIN VIEW<&sol;strong> &&num;8212&semi; Shares in Alphabet Inc&period;&comma; the parent of Google&comma; were down almost 5&percnt; in after-hours trading following the release of financial results for the quarter and fiscal year ended December 31&comma; 2023&period;<&sol;p>&NewLine;<p>The tech giant reported fourth-quarter revenues of &dollar;86&period;3 billion&comma; a 13&percnt; increase from a year ago&period; Net income was &dollar;20&period;6 billion for the fourth quarter&period;<&sol;p>&NewLine;<p>For all of 2023&comma; Alphabet reported &dollar;307&period;4 billion&comma; up 9&percnt;&period; Net income for the year was &dollar;73&period;8 billion&period;<&sol;p>&NewLine;<p>Alphabet has laid off over 1&comma;000 employees so far this year after cutting over 12&comma;000 jobs in 2023&period;<&sol;p>&NewLine;<p>The company reported 182&comma;502 employees at the end of the fourth quarter&comma; down from 190&comma;234 the previous year&period;<&sol;p>&NewLine;<p>Sundar Pichai&comma; CEO of Alphabet&comma; said&colon; &OpenCurlyDoubleQuote;We are pleased with the ongoing strength in Search and the growing contribution from YouTube and Cloud&period; Each of these is already benefiting from our AI investments and innovation&period; As we enter the Gemini era&comma; the best is yet to come&period;”<&sol;p>&NewLine;<p>Ruth Porat&comma; President and Chief Investment Officer&semi; CFO said&colon; &OpenCurlyDoubleQuote;We ended 2023 with very strong fourth quarter financial results&comma; with Q4 consolidated revenues of &dollar;86 billion&comma; up 13&percnt; year over year&period; We remain committed to our work to durably re-engineer our cost base as we invest to support our growth opportunities&period;”<&sol;p>&NewLine;<p>Google advertising generated &dollar;65&period;5 billion in revenues &&num;8212&semi; including &dollar;9&period;2 billion from YouTube&period; Google Cloud reported &dollar;9&period;19 billion in the quarter&period; Google subscriptions&comma; platforms and devices made up &dollar;10&period;79 billion of revenues&period;<&sol;p>&NewLine;