Ad sales, including a jump at YouTube and Google Search, fueled solid fourth-quarter earnings for parent Alphabet including beats on the top and bottom line.
The stock popped more than 6% after hours.YouTube advertising revenue surged 25% to $8.6 billion. Sales from search grew to $43 billion vs $31.9 billion in the year earlier quarter.Alphabet saw earnings per share of $30.69 vs $22.30 on total revenue rise of $75 billion, up from $57 billion.Google Cloud, a fast-growing and closely watched business, hit $5.5 billion sales from $3.8 billion.Alphabet CEO Sundar Pichai said the company’s “deep investment in AI technologies continues to drive extraordinary and helpful experiences for people and businesses, across our most important products.
Q4 saw ongoing strong growth in our advertising business, which helped millions of businesses thrive and find new customers, a quarterly sales record for our Pixel phones despite supply constraints, and our Cloud business continuing to grow strongly.”Ruth Porat, CFO of Alphabet and Google, said the numbers reflected broad-based strength in advertiser spend and strong consumer online activity, as well as substantial ongoing revenue growth from Google Cloud.
Our investments have helped us drive this growth by delivering the services that people, our partners and businesses need, and we continue to invest in long-term opportunities.”Execs will host a call at 5 pm ET.MORENew and returning series on broadcast, cable and streamingSeries that made it or didn’t make it in 2020-21Broadcast networks’ fall lineups and schedules
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