Alphabet reports Q4 net income with 34 pct year-on-year decline-Xinhua

Alphabet reports Q4 net income with 34 pct year-on-year decline

Source: Xinhua| 2023-02-03 15:32:16|Editor:

SAN FRANCISCO, Feb. 2 (Xinhua) -- Alphabet Inc., Google's parent company, on Thursday reported its 2022 fourth-quarter net income at 13.6 billion U.S. dollars, a 34 percent decline year over year, with revenues at 76 billion dollars, up 1 percent.

The company generated about 282.8 billion dollars in revenue during the fiscal year, representing a growth of 10 percent. Its yearly net income was 60 billion dollars, down 21 percent from 76 billion dollars in 2021.

"Our long-term investments in deep computer science make us extremely well-positioned as AI reaches an inflection point, and I'm excited by the AI-driven leaps we're about to unveil in Search and beyond," said Sundar Pichai, CEO of Alphabet and Google.

"We have significant work underway to improve all aspects of our cost structure, in support of our investments in our highest growth priorities to deliver long-term, profitable growth," echoed Ruth Porat, CFO of Alphabet and Google.