Google Cloud showed resilience in Alphabet's 4th quarter results, providing hope despite economic challenges.



While overall gross revenue for the company only slightly increased by 1% compared to last year, the Google Cloud business segment saw significant growth with a 32% increase in revenue. However, net income decreased by 34% due to tightened customer spending, and revenue from Google services also declined. Alphabet earned $36.9 billion in the United States, but there was a decline in earnings in the EMEA and APAC regions.

CEO Sundar Pichai remains optimistic about progress in Cloud, YouTube subscriptions, and Pixel devices, and is working on making the company more financially sustainable. In 2023, Google plans to roll out new AI products utilizing LaMDA technology for engaging dialogue and factual answers.

Alphabet, the American holding company that owns Google, reported a decrease of 8.4% in net profit to $15.051 billion in Q1 2023. Diluted earnings per share for the period were $1.17, exceeding the forecasted profit of $1.08 but down from last year's $1.23. While advertising revenue decreased by 0.2%, Google Cloud revenue increased by 28% to $7.454 billion.
Alphabet also announced a $70 billion buyback of its Class A and Class C shares. The company includes Google, Android, YouTube, and other subsidiaries dedicated to life sciences, venture capital, and more. After trading, Alphabet shares rose by 2.7% on NASDAQ.