Alphabet, Google's parent company, reported an impressive financial achievement with an annual net income of over $100 billion for the first time, fueled by a strong fourth quarter in 2024. The company generated around $96.5 billion in Q4 revenue, marking a 12% year-over-year increase. Google's core services saw significant gains, particularly from advertisements linked to Search and YouTube, while Google's Cloud platform experienced a substantial revenue boost. However, despite the positive performance, Alphabet's shares fell due to slightly lower-than-expected growth rates, particularly in cloud services and anticipated capital expenditures for AI initiatives.
Google's fourth-quarter results confirmed a remarkable financial milestone for Alphabet, with net income surpassing $100 billion for the first time, boosted by AI leadership.
Sundar Pichai highlighted Alphabet's performance, stating the quarter's strong revenue was propelled by AI innovations and increasing engagement across various business sectors.
Despite solid growth in net income and quarterly revenue, Alphabet's stock dipped due to slower growth in cloud revenue and capital expenditures related to AI investments.
The company noted a robust increase in Google Services revenues, which were driven by the popularity of Google Search and YouTube advertisements.
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