Alphabet received $20.7 billion in net profit in the fourth quarter of 2023

Alphabet, the parent company of Google, reported better-than-expected revenues and profits for the fourth quarter of 2023. However, advertising revenues were below analysts’ forecasts, so the company’s shares fell by more than 6% on Tuesday, writes CNBC.

Alphabet’s net profit increased by 52% over the year to $20.7 billion or $1.64 per share. In the fourth quarter of 2022, the company’s profit amounted to $13.6 billion or $1.05 per share. LSEG predicted that Alphabet’s profit in the final quarter of last year would be $1.59 per share.

The giant’s revenues in the fourth quarter of 2023 reached $86.3 billion. This is 13% more than a year earlier, when the company’s revenues were estimated at $76.05 billion. According to LSEG expectations, Alphabet’s revenues in the last quarter of 2023 should have amounted to $85.33 billion.

However, according to StreetAccount, Google’s advertising revenues of $65.52 billion were lower than analysts’ forecasts of $65.94 billion. A year earlier, the figure was $59.04 billion.

YouTube’s advertising revenue increased from $7.96 billion to $9.2 billion over the year. Google’s search engine generated $48.02 billion in advertising revenue, up from $42.6 billion a year earlier.