Alphabet Beats - Revenue Surges 32%
February 2, 2022
Alphabet reported financial results for the quarter and fiscal year ended December 31, 2021. The firm had earnings per share (EPS) of $30.69 with only $27.34 expected. On the top line, revenue came in at $75.33 billion with only $72.17 billion expected.
Alphabet reported revenue growth of 32%, and their stock surged 65% last year.
Sundar Pichai, CEO of Alphabet and Google, said: “Our deep investment in AI technologies continues to drive extraordinary and helpful experiences for people and businesses, across our most important products. Q4 saw ongoing strong growth in our advertising business, which helped millions of businesses thrive and find new customers, a quarterly sales record for our Pixel phones despite supply constraints, and our Cloud business continuing to grow strongly.”
Ruth Porat, CFO of Alphabet and Google, said: “Our fourth quarter revenues of $75 billion, up 32% year over year, reflected broad-based strength in advertiser spend and strong consumer online activity, as well as substantial ongoing revenue growth from Google Cloud. Our investments have helped us drive this growth by delivering the services that people, our partners and businesses need, and we continue to invest in long-term opportunities.”