Google’s parent company saw its net income move up from $10.6bn in Q4 2019 to $15.22bn in the reported quarter
Google’s parent company Alphabet reported revenues of $182.5bn for the full year 2020. (Credit: The Pancake of Heaven!/Wikipedia.org)
Alphabet, the parent company of internet giant Google, has reported a 23% jump in its revenues for the fourth quarter of 2020 at $56.8bn compared to $46bn reported in the same quarter of 2019.
The company’s net income for the reported quarter that ended 31 December 2020 was $15.22bn, compared to $10.67bn made in Q4 2019.
Its diluted earnings per share increased from $15.35 in Q4 2019 to $22.54 in Q4 2020.
Google and Alphabet CEO Sundar Pichai said: “Our strong results this quarter reflect the helpfulness of our products and services to people and businesses, as well as the accelerating transition to online services and the cloud.
“Google succeeds when we help our customers and partners succeed, and we see significant opportunities to forge meaningful partnerships as businesses increasingly look to a digital future.”
For the fiscal year 2020, Alphabet’s revenues were $182.5bn compared to $161.8bn reported in the fiscal year 2019. The 2020 net income was $40.26bn compared to $34.3bn made in the previous year.
For the first time, Alphabet reported results for the Google Services, Google Cloud, and Other Bets segments.
Google Services saw its Q4 revenue jump from $43.2bn in Q3 2019 to $52.8bn. On the other hand, Google Cloud reported $3.83bn in Q4 2020 revenues compared to Q4 2019 revenues of $2.6bn.
The Other Bets segment contributed revenues of $196m in the reported quarter compared to $172m made in Q4 2019.
Google Search & other, which comes under Google Services, saw its Q4 2020 revenues move up to $31.9bn compared to $27.1bn made in the same quarter of the previous year.
Alphabet earned revenues of $6.9bn from YouTube ads in Q4 2020 compared to $4.7bn reported in Q4 2019.
Google and Alphabet CFO Ruth Porat said: “Our strong fourth-quarter performance, with revenues of $56.9 billion, was driven by Search and YouTube, as consumer and business activity recovered from earlier in the year.
“Google Cloud revenues were $13.1 billion for 2020, with significant ongoing momentum, and we remain focused on delivering value across the growth opportunities we see.”