Alphabet Tops Consensus Estimates

February 3, 2021

Alphabet reported financial results for the quarter and fiscal year ended December 31, 2020. The tech giant had earnings of $22.30 per share, adjusted with only $15.90 per share expected. As to revenue, the firm reported $56.90 billion with the consensus estimate being $53.13 billion. Google Cloud beat with $3.83 billion recorded and $3.81 billion expected.

Sundar Pichai, CEO of Google and Alphabet, said: “Our strong results this quarter reflect the helpfulness of our products and services to people and businesses, as well as the accelerating transition to online services and the cloud. Google succeeds when we help our customers and partners succeed, and we see significant opportunities to forge meaningful partnerships as businesses increasingly look to a digital future.”

Ruth Porat, CFO of Google and Alphabet, said: “Our strong fourth quarter performance, with revenues of $56.9
billion, was driven by Search and YouTube, as consumer and business activity recovered from earlier in the year.
Google Cloud revenues were $13.1 billion for 2020, with significant ongoing momentum, and we remain focused on delivering value across the growth opportunities we see.”