Alphabet, the parent company of Google, has reported its fourth-quarter financial results for the year 2024, with total revenue of 96.469 billion dollars, an increase of 12% compared to the same quarter last year. The net profit stands at 26.536 billion dollars.
CEO Sundar Pichai stated that the strong performance in the past quarter was a result of effective utilization of AI across all business segments. Services like AI Overviews and Circle to Search have seen increased user engagement, while Google Cloud has enhanced its AI capabilities to meet customer demands. Additionally, YouTube remains a leader in video streaming services.
Revenue from advertising on YouTube saw a significant rise to 10.473 billion dollars, with revenue from subscriptions and hardware reaching 11.633 billion dollars. Google Cloud also reported revenue of 11.955 billion dollars.
Source: Alphabet (pdf)
TLDR: Alphabet, the parent company of Google, has reported strong financial performance in the fourth quarter of 2024, with significant revenue growth driven by effective AI utilization and increased user engagement across various services.
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