Alphabet experienced a 5.6% decline in premarket trading following lower-than-expected holiday-season advertising sales and a projection of increased spending this year on items like servers to support artificial intelligence.
Alphabet Inc. (GOOGL) reported Q4 2023 earnings with an EPS of $1.64, surpassing estimates of $1.59.
The company’s revenue for the quarter was $86.31 billion, exceeding the estimated $85.36 billion.
Operating income stood at $23.70 billion, slightly below the estimated $23.82 billion.
Google Ad Revenue reached $65.52 billion, slightly below the estimated $65.88 billion.
Google Cloud Revenue surpassed expectations at $9.19 billion, compared to the estimated $8.95 billion.
Google Services Revenue, which includes various segments, amounted to $76.31 billion, surpassing the estimated $75.978 billion.
YouTube Ads Revenue contributed significantly, reaching $9.20 billion, surpassing the estimated $9.168 billion.
Other Bets Revenue showed substantial growth, reaching $657 million, compared to the estimated $298.6 million.
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