Summary by Moomoo AI
Alphabet Inc., the parent company of Google, reported a 9% year-over-year increase in consolidated revenues, reaching $307.4 billion for the year ended December 31, 2023. This growth was primarily driven by an 8% rise in Google Services revenues and a significant 26% surge in Google Cloud revenues. Operating income also saw a 13% increase, resulting in $84.3 billion, with the operating margin improving by 1%. Net income experienced a notable 23% boost, climbing to $73.8 billion, while diluted earnings per share (EPS) rose by 27% to $5.80. The company's financial performance was further supported by a 10% increase in total constant currency revenues, which exclude the effect of hedging. Alphabet's business development was marked by the continued shift of user behavior and advertising to the online realm, the diversification of...Show More