February 24, 2024

Google search revenue rises to $48 billion, total ad revenue up 11%

Egypt: Cairo post, MENA

Alphabet, the parent company of Google, revealed search revenue and a profit margin for the most recent quarter on Tuesday that did not meet Wall Street’s expectations. This suggests that the company’s growing investment in artificial intelligence was outweighed by the growth of its flagship business and recent cost-cutting layoffs.

The internet behemoth announced that its largest division, its search engine, brought in $48 billion in revenue in the fourth quarter, up 13% from experts’ estimates of $48.1 billion.

The business reported that its operating margin for the fourth quarter was 27 percent, which was less than the 28 percent analysts had predicted. Operating margin is a gauge of profitability. Based on FactSet-compiled statistics, the corporation said that its overall earnings climbed by 52% to $20.7 billion, exceeding Wall Street projections of $20.2 billion. In addition, Alphabet exceeded analyst estimates of $85.2 billion with $86.3 billion in quarterly sales, up 13% from a year ago.

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