Alphabet Q4 2023 Earnings Update

Summary:

  • While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and ~10% from 4Q’21.
  • Google Services business maintained its mid-30s operating margin profile. The real surprise was Google Cloud which accelerated margin from just 3.2% in 3Q’23 to 9.4% in 4Q’23.
  • Search revenue growth YoY continued to accelerate. While GenAI bear case remains top of mind concern for Search among Google observers, the business seems to be cruising along so far.

Google Expected To Announce Increase In Quarterly Profits

Justin Sullivan/Getty Images News

While I have sold my shares in Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) last month, I remain a very curious observer.

Here’s my highlights from today’s earnings.

Revenue

While almost every single revenue segment grew by double digits, Google



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