Google Parent Company Alphabet Reports 23% Revenue Growth In Q4 2021

MOSCOW (UrduPoint News / Sputnik - 03rd February, 2021) Alphabet, Google's parent company, registered a 23 percent year-on-year increase in revenue in the fourth quarter of 2020, driven by strong returns in the company's advertising and cloud-based services.

In a financial report published on Tuesday evening, Alphabet said that Q4 revenue totaled $56.9 billion, up from $46.1 billion in the fourth quarter of 2019.

"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," Ruth Porat, the CEO of Google and Alphabet, said in the financial report.

Alphabet, which also owns companies such as X Development and Nest, said that its net income in 2020 was $40.3 billion, up 17.2 percent from the preceding year.

Shares of Alphabet increased by more than 7 percent in after-hours trading following the publication of the report.

Google on Tuesday reached a multimillion-dollar settlement with the US Department of Labor to compensate roughly 5,500 female and Asian employees and job applicants who faced pay and hiring discrimination.