Google achieved revenue of seven billion dollars in 2023
31 January (IANS). Alphabet (Google’s parent company) achieves revenue of $307 billion in the year 2023, which is 9 percent more than 2022. The company spent $2.1 billion on severance and other expenses last year after firing more than 12,000 employees. The company will spend another $700 million on employee severance charges in the first quarter of this year.
Ruth Porat, the company’s chief financial officer, said: “We ended a strong fourth quarter (quarter ending Dec. 31) with consolidated revenues of $86.3 billion, up from last year in both reported and constant currency. “Up 13 percent. Search was the biggest contributor to revenue growth.”
At this point in the quarter, the company estimates severance-related expenses will be approximately $700 million in the first quarter “as we continue these efforts.”
“We will continue to invest in top-notch engineering. So that’s a big deal, if you start with product prioritization and organizational design, which is why there’s also the note about severance-related expenses, helping pave the way.” “We’re going to continue the work we’re doing,” Porat told analysts during an earnings call late Tuesday.
Within Google Services, revenue was $76.3 billion, up 12 percent. Google search and other advertising revenue increased 13 percent to $48 billion in the quarter, again led by growth in retail. YouTube’s advertising revenue grew 16 percent to $9.2 billion, driven by both direct response and brand advertising, the company said.
Alphabet and Google CEO Sundar Pichai said, “Subscriptions are growing strongly, driven by YouTube Premium and Music, YouTube TV and Google One. Three, cloud, which crossed $9 billion in revenue this quarter and our General AI and “Accelerated growth was driven by product leadership.”
“We have long led the way in using AI to improve many of our products, from search to advertising to most consumer and enterprise products, already helping billions of people,” he said.
