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CNBC Television published this video item, entitled “Alphabet shares surge after beating on both top and bottom line” – below is their description.
Josh Lipton reports Alphabet’s fourth-quarter results. The company’s revenue grew 23 percent on an annualized basis in the quarter, but its cloud business is still losing billions. Subscribe to CNBC Pro to access our live Pro Talk “How to Navigate the Reddit Market Mania” with Fundstrat’s Tom Lee and CNBC’s Mike Santoli: https://cnb.cx/3r7vPrJ
Shares of Alphabet, the parent company of Google, rose 6% in extended trading on Tuesday after the company reported fourth-quarter earnings that surpassed analysts’ expectations.
Here’s how the company did:
Earnings: $22.30 per share, adjusted, vs., $15.90 per share as expected by analysts, according to Refinitiv.
Revenue: $56.90 billion, vs. $53.13 billion as expected by analysts, according to Refinitiv.
Google Cloud: $3.83 billion, vs. $3.81 billion as expected by analysts, according to StreetAccount.
YouTube ads: $6.89 billion, vs. $6.11 billion as expected by analysts, according to StreetAccount.
Traffic acquisition costs (TAC): $10.47 billion, vs. $9.32 billion as expected by analysts, according to StreetAccount.
Alphabet’s revenue grew 23% on an annualized basis in the quarter, according to a statement. That’s stronger growth than last year’s Q4, which came in at 17%, and suggests that Google’s advertising business is recovering well after a big slowdown in Q2 of last year.
The company also broke out operating income from its cloud business for the first time: the company lost $5.61 billion during the full year, and $1.24 billion during Q4, showing that the business is still in investment mode. By way of contrast, Amazon’s cloud business earned an operating profit of $13.53 billion last year and $3.56 billion last quarter.
Advertising revenue for the fourth quarter came out to $46.20 billion, up from $37.93 billion in the same quarter last year.
The company’s Other Bets segment, which includes life sciences unit Verily and self-driving unit Waymo, brought in $196 million in the fourth quarter and $657 million during the year. The company showed operating loss of $4.48 billion in 2020.
Google’s “Other Revenue” came in at $6.67 billion in Q4. That’s up from $5.26 billion Q4 2019.CNBC Television YouTube Channel
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