**Google’s parent company, Alphabet, reported strong financial results for the fourth quarter of 2023, driven by growth in its advertising business.**.
**Key highlights from the report:**.
* Revenue increased by 23% year-over-year to $76.05 billion, exceeding analyst expectations..
* Advertising revenue, which accounts for the majority of Google’s income, grew by 25% to $59.04 billion..
* YouTube advertising revenue surged by 32%, driven by increased viewership and engagement..
* Google Cloud revenue grew by 36% to $7.32 billion, reflecting strong demand for cloud computing services..
* Other revenue, which includes hardware and subscription services, increased by 18% to $9.69 billion..
* Net income rose by 18% to $19.85 billion..
* Earnings per share were $2.32, beating analysts’ estimates..
**Factors contributing to Google’s growth:**.
* A surge in digital advertising spending as businesses prioritize online channels to reach customers..
* Increased demand for cloud computing services from enterprises and governments..
* Strong performance of Google’s AI-powered products, such as search, Maps, and Gmail..
**Market reaction:**.
* Alphabet’s stock price rose by over 7% in after-hours trading following the earnings announcement..
* Investors were impressed by Google’s robust growth and continued dominance in the advertising market..
**Analysts’ perspectives:**.
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