Revenues of the parent company of Google in Q4 2022 remained flat at $76bn, compared to $75.3bn in Q4 2021
Alphabet earned revenues of $59bn in Q4 2022 from its Google advertising business. (Credit: Grendelkhan/Wikimedia Commons)
Alphabet has reported a net income of $13.62bn for the fourth quarter of 2022 (Q4 2022), a 34% decrease, compared to $20.64bn for the same quarter of the previous year.
In the previous quarter, that is Q3 2022, the parent company of Google posted a net income of $13.91bn.
Alphabet’s diluted earnings per share (EPS) in the reported quarter ended 31 December 2022 were $1.05, a decrease of 31.4%, compared to $1.53 reported in the same quarter of 2021.
Its revenues for Q4 2022 were up by 1% to $76.04bn, compared to $75.32bn in Q4 2021. In Q3 2022, Alphabet’s revenues were $69.09bn.
Alphabet earned $59.04bn in revenues from its Google advertising business for Q4 2022, a decrease of 3.6%, compared to $61.23bn in the same quarter of 2021. These include revenues from Google Search and others ($42.6bn), Youtube ads ($7.96bn), and Google Network ($8.47bn).
The total revenues earned by the Google services business in Q4 2022 were $67.83bn, a 1.8% decrease, compared to $69.04bn in Q4 2021.
Google Cloud earned revenues of $7.31bn for the reported quarter, an increase of 32% compared to $5.54bn in the corresponding period of 2021.
Alphabet and Google CFO Ruth Porat said: “Our Q4 consolidated revenues were $76 billion, up 1% year over year, or up 7% in constant currency, and $283 billion for the full year 2022, up 10%, or up 14% in constant currency.
“We have significant work underway to improve all aspects of our cost structure, in support of our investments in our highest growth priorities to deliver long-term, profitable growth.”
For the full year 2022, Alphabet’s net income was $59.97bn, a decrease of 21% compared to $76.03bn in 2021.
The group’s revenues for the full year 2022 were $282.83bn, an increase of 41% compared to $257.63bn of the previous year.
Alphabet and Google CEO Sundar Pichai said: “Our long-term investments in deep computer science make us extremely well-positioned as AI reaches an inflection point, and I’m excited by the AI-driven leaps we’re about to unveil in Search and beyond.
“There’s also great momentum in Cloud, YouTube subscriptions, and our Pixel devices. We’re on an important journey to re-engineer our cost structure in a durable way and to build financially sustainable, vibrant, growing businesses across Alphabet.”
Recently, Alphabet announced nearly 12,000 job cuts, which is about 6% of its workforce.