By Ovunc Kutlu
ISTANBUL (AA) - US-based global tech firm Alphabet saw its largest quarterly revenue growth since 2022 in the October-December period of last year, according to its financial results statement released Tuesday.
Google's parent company posted revenue of $86.3 billion for the quarter ended Dec. 31, 2023, up 13% from approximately $76 billion in the same period of 2022.
Net income jumped 52% to almost $20.7 billion from around $13.6 billion during the period.
"We are pleased with the ongoing strength in Search and the growing contribution from YouTube and Cloud," CEO Sundar Pichai said in the statement. "Each of these is already benefiting from our AI investments and innovation."
Google Cloud revenue increased 26% to nearly $9.2 billion from $7.3 billion year-on-year.
The company, however, said it recorded employee severance and related charges of $2.1 billion due to reducing its workforce.
Despite the positive results, Alphabet's advertising revenue came in below market expectations, and its stock price plummeted 4.61% in after-hours trading on the Nasdaq.
Ad revenue stood at $65.5 billion in the fourth quarter of 2023, slightly lower than market estimates of $65.9 billion.